SunGard reports that U.K. Asset Resolution Limited (UKAR), the holding company established in 2010 to “facilitate the orderly management of the closed mortgage books” of Bradford & Bingley plc (B&B) and NRAM plc (formerly the Northern Rock bank), both now British government owned, has replaced its treasury and risk platform with SunGard’s Ambit treasury management solution.
B&B and NRAM were nationalized separately in 2008, during the subprime-mortgage-fueled financial crisis.
UKAR reports that, currently, the combined organization “supports around 389,000 customers with £52.7 billion of loans, with over 2,000 colleagues based at its main sites in West Yorkshire and the North East.”
UKAR also employs the Ambit asset liability management solution, and the SunGard software helps “integrate two distinct businesses into a consolidated infrastructure and provide[s] a single view of treasury and risk,” SunGard says.
“This provides UKAR with a comprehensive framework for balance sheet management, and brings together treasury and finance operations with liquidity and risk management,” according to SunGard. “The solution helps streamline treasury operations by integrating dealing, funding, position management and risk assessment of multiple asset classes into one system. It helps UKAR automate transaction flows across the front, middle and back offices, reduce manual processes, and gain a complete and accurate view of credit and market risk exposure.”
Financial systems, applications and software-as-a-service specialist SunGard also reports an annual revenue of $2.8 billion and approximately 13,000 employees in more than 100 countries.
In mid-August, SunGard sidestepped an initial public offering as banking and payments technology provider Fidelity National Information Services (FIS) announced that it is acquiring the Wayne, Pa.-based vendor for $9.1 billion in a combination of stock and cash. The acquisition is expected to close during the fourth quarter of 2015.
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