Greek Bank Live with Adaptiv

ATHENS—The National Bank of Greece (NGB), based in Athens, is now live with Sun Gard Adaptiv Operations, a risk management and processing solution, vendor officials say.

The deal, which saw Adaptiv go live in the last weeks of 2005, is a precursor to other deals expected in 2006, says Mike Hofer, regional sales manager for Sun Gard's Adaptiv. "More SunGard products will follow this year," Hofer says.

NBG is using Adaptiv Operations to manage its portfolio of over-the-counter (OTC) derivatives with an integrated framework for front-to-back-office processing. This allows NBGto increase auto mation, streamline its operations and improve workflow efficiency. Adaptiv Operations allows NBG to manage large volume vanilla trades, while monitoring all transactions in real-time, Hofer says.

The deployment started in the middle of last year, after NBG contacted SunGard at the end of 2004 through an unnamed partner of the London-based vendor. "Due to our market presence and strong partner in Greece, NBG felt confident approaching SunGard for a technology solution," Hofer says.

"The solution took six months to implement," Hofer says. "The rapid deployment was possible as all the plain vanilla products and processes are standard in the Adaptiv solution," he says. "Therefore, relatively small incremental effort was needed to add the exotics NBG required."

A team of SunGard consultants handled the deployment at NBG, "in combination with the client," Hofer says. The client was consulted for the configuration of the system and the development of the interface.

In February, SunGard also implemented its Adaptiv suite of solutions at the China CITIC Bank to handle the front-to-back-office trading of the bank's foreign exchange, money market, fixed income and derivatives businesses.

NBG officials were not available for comment at press time.