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Avaloq Takes Over Wealth Mgt Back-Office Responsibility At Deutsche Bank In Switzerland
Tom Burroughes
1 July 2013
Financial technology firm Avaloq’s subsidiary B-Source is taking
over operational responsibility for the wealth management operations back-office
of Deutsche Bank (Switzerland)
from 1 July 2013. The affected part of Deutsche Bank includes 80 employees in Geneva. The transformation
of the core-banking platform to the integrated Avaloq Banking Suite is
scheduled for the summer of next year. "Our continuously increasing community corresponds
clearly to our growth path. This confirms us to be on the right track with our
strategy of offering highly industrialised services that let banks concentrate
on their core business and generate future growth,” Markus Gröninger, chief
executive of B-Source, said. Avaloq, with its headquarters in Switzerland,
has branches in Berlin, Frankfurt, Geneva, Leipzig, London, Luxembourg,
Paris, Vienna, Zurich, Hong Kong, Singapore and Sydney. It has two development centres, one
in Zurich and one in Edinburgh,
as well as a development support centre in Manila.