Sberbank (Switzerland) AG has successfully gone live with Avaloq’s Software as a Service (SaaS) solution.
The implementation, following a ten-month migration project, supports the financial institution’s strong growth ambitions. Avaloq was awarded the contract after a highly competitive tender process.
Headquartered in Zurich, Sberbank (Switzerland) AG is part of Sberbank Group, the largest banking group in Russia, Central and Eastern Europe. Sberbank (Switzerland) AG provides a range of corporate client and financial-market services that include trade finance, structured finance, transaction banking and global market products. Sberbank (Switzerland) AG is the hub of Sberbank Group’s commodity trade finance for international commodity traders and producers. The deal with Sberbank builds on a strong year of client successes for Avaloq, including a number of Swiss-based institutions.
Annett Viehweg, CEO of Sberbank (Switzerland) AG, said: “Sberbank has long prioritized digital excellence as a core means to enhance competitiveness, cater for fast-changing customer needs and capitalize quickly on growth opportunities. Sberbank chose Avaloq as its long-term partner to lay the foundation to continuously advance the bank’s systems and capabilities in a banking environment that is seeing ever-faster digitalization.”
Mathias Schütz, Country Head for Switzerland & Liechtenstein at Avaloq, said: “We are delighted to have been selected by Sberbank to support the continued digitalization of its services and client proposition. This is further recognition of the strength of Avaloq’s suite and the benefits that it can deliver, and we are looking forward to supporting Sberbank’s growth ambitions in Switzerland.”