Using the Olympic Banking System and its associated modules, Axis Bank is to offer both discretionary and advisory portfolio management services.  In due course Axis intends to extend its use of Olympic’s functionality to all include all aspects relating to both cash and securities.

Subject to regulatory approval, the facility will soon also be available in Axis’ Hong Kong operation.

The system, which began to be implemented in July 2008, is intended to provide Axis with a front-to-back real time support system, including internet access and portfolio management services.

Wealth management and private banking are a particular focus for Axis, especially in international markets, the bank said in a statement.

Sonu Bhasin, Axis Bank’s president of retail financial services, said: “The Olympic Banking system truly complements our efforts in wealth management and private banking services and this will surely equip us with a strong back-end support system to offer these services to customers in a seamless and organised manner.”

At 2 January 2009 the market capitalisation of Axis was $3.98 billion, making it India’s fourth largest bank by this measure.  In addition to a domestic network of 757 branches, the bank has offices in Singapore, Hong Kong, Shanghai and Dubai, and is seeking to further expand its international presence.

With a staff of over 530, ERI specialises in providing wealth management software and has a presence in financial centres including Amsterdam, Brussels, Geneva, London, Lugano, Luxembourg, Madrid, Milan, Monaco, Paris, Singapore and Zurich.  Globally, more than 280 banks and financial institutions use the Olympic Banking System.