Murex, the leading provider of integrated trading, risk management and processing solutions, today announced that Bancolombia, the largest commercial bank in Colombia and one of the largest in Latin America, has successfully completed the major expansion of the Murex MX.3™ platform successful implementation. The platform enables the bank to fully automate and streamline its business process while enabling complete compliance coverage with the most stringent market regulatory standards by providing real-time risk aggregation and monitoring of its Fixed Income, Interest Rate and Foreign Exchange, Cash and Derivatives businesses.
Bancolombia is the first regional bank in Latin America relying fully on Murex’s advanced front-, middle-, back-office processing and risk management functionalities for its treasury and capital markets activities. The platform was rolled out in different phases and today supports over 350 users in Colombia (Medellin, Bogota, Cali and Barranquilla) and regional subsidiaries in Panama, Florida and Puerto Rico.
The decision to move to the Murex platform stemmed from the necessity for Bancolombia to convert its infrastructure into an engine for growth, by reinforcing its robustness, strengthening the risk management framework and equipping its trading desks with the right set of tools able to support innovative business strategies.
“Murex had a proven industry track record which made it a reliable solution provider to turn to,” said Juan Carlos Mora, Vice president Technology, Operations, and Administration at Bancolombia. “What really made a difference was Murex’s ability to make their global market expertise applicable to the specificities of our domestic market and develop a keen understanding of our challenges in growing our footprint in Latin America and beyond. This translated as much in the functionalities and product coverage developed than in the services and guidance provided through the implementation.”
Maroun Edde, Group CEO at Murex adds: “We are delighted at this new milestone which further consolidates our commitment and presence in Colombia and Latin America. Bancolombia is a strategic partner for Murex, and we look forward to continuing to support their ongoing successful growth in regional and international capital markets.”
With over 130 years of experience, GRUPO BANCOLOMBIA is the largest financial conglomerate in Colombia, offering a wide range of financial products and services to a diversified individual and corporate base of more than 7 million customers. GRUPO BANCOLOMBIA delivers its products and services via its regional network comprised of Colombia´s largest non-government owned banking network, with over 975 branches, 3,700 ATMs, 1,170lbanking agents, as well as the rest of our electronic channels.
BANCOLOMBIA is also present in Central America, with El Salvador´s leading financial conglomerate (Banagricola S.A.), off-shore banking subsidiaries in Panama, Cayman and Puerto Rico, as well as an agency in Miami. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, and insurance, among others.