oracle supports the emirates bank group in its regional expansion drive
Leading Bank selects E-Business Suite to increase performance for regional and global growth
Oracle today announced that The Emirates Bank Group (EBG), the Dubai-based banking group, has selected the Oracle E-Business Suite Release 12 to provide its financial management solution, as it consolidates its existing ERP system into a single global instance across its group of companies. EBG is the most recent addition to Oracle’s footprint of financial organisations that rely on its solutions to stay ahead in the regional banking sector.
As a result of its recent merger with the National Bank of Dubai, The Emirates Bank Group is now the largest banking organisation in the region. The selection of the Oracle E-Business Suite will help facilitate growth by delivering the greater visibility it requires to effectively manage its fast-growing regional and global business. Oracle Consulting will be implementing the project and applying its in-depth experience of industry best practise.
“The fact that Oracle leads the market in financial management solutions, is the driving force for our decision in selecting them as our preferred technology partner to assist us in our expansion endeavours,” said Abdullah Qassem, General Manager, Information Technology and Operations, Emirates NBD Group. “The Oracle E-Business Suite will help us streamline our extensive range of financial and administration processes, centralise our data and consolidate all operations so that we can make more informed decisions. As we expand, the solution will provide the backbone of our IT infrastructure; helping us leveraging our market-leading position, and ensuring scalability and flexibility for future growth.”
EBG have continuously strived to offer cutting-edge corporate and retail services and products through investments in technology since setting up in 1977 and already have an existing Oracle Human Resources Management System (HRMS) base. By selecting Oracle, EBG can rely on the company’s regional presence and support following its existing relationship with the company.
“One of the many benefits of the Oracle E-Business Suite is the provision of a group wide General Ledger System (GLS). This benefits us greatly as it will allow each subsidiary to have its own general ledger whilst still consolidating into one group wide general ledger that is flexible yet security focused,” added Qassem.
The Bank has already gone live with a full featured implementation of Oracle HRMS delivered by Oracle Consulting. The turnkey implementation of Oracle’s financial solution is underway, and is being undertaken by Satyam computers who will also provide training and on-site support.
“Banks around the world rely on Oracle to help them streamline business processes, meet increasing regulatory compliance demands, and improve cost efficiency ratios, while providing greater value to customers,” said Sergio Giacoletto, Executive Vice President, Oracle EMEA. “Oracle continues to build on its financial services leadership by delivering new solutions that help empower regional financial institutions to enhance customer intimacy, build competitive advantage, reduce costs and mitigate risk. The Oracle E-Business Suite provides the broadest functionality to help EBG effectively grow their business and optimise performance.”
The Oracle E-Business Suite includes full automation of the financial management cycle across all group companies and brings EBG many benefits: a group wide general ledger system that caters for all EBG subsidiaries requirements; group wide automated budgeting and planning process with encumbrance accounting at subsidiary level; automation of the property management processes; empowering users and subsidiaries with self service functions to perform various tasks.
EBG have selected the following Oracle E-Business Suite modules; Financial Management, Oracle E-Business Suite Intelligence, Human Resource Intelligence, Inventory Management and Procurement Contracts. Additionally, the Oracle E-Business Suite will centralise and automate many of the group’s administration processes, such as the goods and services requisitions, tendering for best value, asset registry, accounting, maintenance and reporting and the vendor payment and management process.
