First Abu Dhabi Bank (FAB) is the largest bank in the United Arab Emirates. It was formed following a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD). FAB offers wide range of products and services through its Corporate and Investment Banking franchises.
Bank was dealing with multiple challenges due to lack of Standardization, Multiple manual processes, Long settlement cycle, Dependency on data providers for reconciliation. It was crucial for the bank to resolve these challenges in order to o achieve more efficient geographical and institutional sharing of risk, tap global liquidity, and manage their capital allocation.
Fusion Loan IQ is Finastra’s solution for commercial lending, powering 71% of all syndicated loans around the world. It alleviates the high costs of system and process redundancy within commercial lending operations, as well as increasing transparency, improving risk management and simplifying entry into new markets or business lines. PS Global in collaboration with Finastra implemented the solution within the bank with multiple interfaces to other systems.
Bank has been using Fusion Loan IQ for a number of years, and have been impressed with the way the solution is able to continuously adapt over time, adding new functionalities in line with changing regulations.