London Bridge Group has teamed with Antigua-based Global Bank of Commerce (GBC) to establish an application service centre (ASC) on the island that will provide outsourced services to Eastern Carribean financial institutions.
GBC has signed a five year outsourcing contract with London Bridge for the Phoenix Banking System, which will be delivered via the services centre. The bank went live with Pheonix in July this year.
The new centre will also provide services to other firms. GBC has agreed to invest in establishing a separate service company to function as the ASC and other banks in the region will be invited to invest in the venture.
London Bridge says the centre will be the first in the Caribbean to offer financial institutions a processing alternative, particularly those who wish to be globally competitive but have limited resources.
Lily Mendia, managing director of Latin America and the Caribbean division at London Bridge Group, says: "London Bridge is very pleased about working with GBC in offering the Phoenix System as an outsourced solution throughout the Eastern Caribbean, and is committed to fully support to the Antiguan ASC entity being formed by GBC."
The vendor says its Phoenix system is also used by other banks in the region, including Cayman National Bank, Jamaica National Building Society, Mutual Bank in Barbados and Republic Bank in Trinidad.
Shares in Loondon Bridge Group have been edging up the past few days as the market prices in an expected recovery in earnings from the UK-based vendor which reports interim results tomorrow.