Mediterranean Bank selects Finastra's core banking solution to transform customer experiences and drive sustainable growth in Libya
EVO Digital Solutions Co., a local fintech company and partner of Finastra, is supporting the project by providing specialized services to Mediterranean Bank under Finastra's supervision, including hands-on technical and operational support. With Evo's local expertise and Finastra's global delivery framework, the collaboration aims to provide Mediterranean Bank with a smooth transition to Essence.
'We are currently on a digital transformation journey to ensure we continue to deliver the best services to our customers through cutting-edge technology,' said Emad Alaakili, Chairman at Mediterranean Bank. 'By implementing Finastra's core banking solution, we are transforming our operations to drive greater efficiencies and provide our customers with the personalized banking services they expect. By increasing the robustness of our offering, this move also aligns with our goal to drive sustainable growth by balancing both profitability with social responsibility, and economic development with financial stability.'
Finastra Essence is a cloud-first, next-generation core banking solution that combines deep functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by an open, microservices architecture, Essence's rich, broad and deep banking functionality enables institutions to rapidly deploy market-leading products and services. The solution will provide Mediterranean Bank with a comprehensive suite of services, including core operations, teller, payments and signature verification.
'We are pleased to help Mediterranean Bank achieve its objectives around customer-centricity and increasing its market penetration in Libya,' said Siobhan Byron, EVP, Universal Banking at Finastra. 'Essence's modular architecture and a microservices approach will enable the bank to seamlessly innovate and scale as it grows. Ultimately, we're empowering Mediterranean Bank to reimagine banking and keep pace with change, as it seeks to bring modern, digital financial services to customers.'
For further information please contact:
Sofia Romano
Head of PR, EMEA
T: 07552865009
E: sofia.romano@finastra.com
Finastra.com
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com
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It is a major player in the UAE corporate and retail banking arena, and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury, and brokerage operations. The bank has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Bahrain, Russia and representative offices in China and Indonesia. For more information, please visit: For more information: This document has been prepared by Emirates NBD Bank PJSC (ENBD) for information purposes only. The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. This document is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law or reputation. The material contained in this press release is intended to be general background information on ENBD and its activities and does not purport to be complete. It may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, or reliability of the information. It is not intended that this document be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending on their specific investment objectives, financial situation, or particular needs. In the event that the press release contains any pro forma financial information on ENBD, that information has been prepared for illustrative purposes only, may address a hypothetical situation and may not give a true picture of the financial performance of the ENBD group. Furthermore, any pro forma financial information may only be meaningful where read in conjunction with the historical audited consolidated financial statements of ENBD. Unless expressly disclosed to the contrary, any pro forma financial information has been compiled based on the accounting policies of the group as disclosed in its most recent consolidated financial statements. This document may contain certain forward-looking statements with respect to certain of ENBD's plans and its current goals and expectations relating to future financial conditions, performance, and results. These statements relate to ENBD's current view with respect to future events and are subject to change, certain risks, uncertainties, and assumptions which are, in many instances, beyond ENBD's control and have been made based upon management's expectations and beliefs concerning future developments and their potential effect upon ENBD. By their nature, these forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond ENBD's control, including, among others, the UAE domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact and other uncertainties of future acquisition or combinations within relevant industries. As a result, ENBD's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in ENBD's forward-looking statements and persons reading this document should not place reliance on forward-looking statements. Such forward-looking statements are made only as at the date on which such statements are made and ENBD does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.
