One of Australia’s premier banks has established a new continental European subsidiary in Paris after receiving regulatory approvals from ACPR and AMF to operate as a banking institution in France. With this initiative the bank is extending its European presence currently serviced only from London, to enable clients to invest in its myriad of wholesale banking and investment services in European Economic Area (EEA). The program intends to diversify client concentration risk and ensure there is no barrier to maintaining existing European client relationships and business as a result of Brexit.
The subsidiary was to be established by leveraging the bank’s capabilities and global connectivity to facilitate capital flows and investment between the Australian and European regions. The new subsidiary would not onboard new systems and applications, rather it would utilise existing technology, infrastructure, and data formats as exists in its London offshoot, while complying with French regulations. One challenge was to ensure all systems’ configuration was thoroughly tested to ensure all customers were transferred into the bank’s new subsidiary portfolio.
The bank started the search for a reliable and trustworthy technology consulting company to ensure project, budget and stakeholder objectives were satisfied.
Armour Consulting was identified by the bank and engaged to deliver all the above requirements. Our Melbourne based team worked as part of the program technology stream and focused on delivering multiple systems for the new banking subsidiary.
Armour’s implementation approach was progressive and methodical – important considerations as banking projects are risk sensitive and must always comply with local regulations.
Armour supported multiple bank domains, including Customer, Finance, Payment, Product, Reporting, Risk and Treasury, through the whole project lifecycle. Key tasks included understanding goals and priorities, documenting business requirements, managing System Integration Testing (SIT), and supporting both User Acceptance Testing (UAT), and the implementation of the systems in new domicile.
The project implementation was approved by all the key stakeholders from business and technology. Armour Consulting led a successful and timely Go-live of the new banking subsidiary.