- Partnership: SBUK, a UK-based bank focused on trade finance in Bangladesh, has selected Finastra Essence, a core banking solution, to modernize its banking systems.
- Purpose: The system will support both conventional and Islamic banking at SBUK, and it will be deployed on the Microsoft Azure cloud.
- Current System: SBUK previously used the Intellect core banking system from Intellect Design, which replaced an older system from Finastra (then known as Misys) in the early 2010s.
- Challenges Addressed: Running two separate core systems for Islamic and conventional banking led to higher costs, risks, and operational inefficiencies. Finastra Essence will help streamline and scale operations, offering more personalized services.
- SBUK’s Vision: Masum Billah, CEO of SBUK, stated that the bank has ambitious growth plans and is confident that the new system’s rich features will support the institution’s future.
- Background: SBUK, formerly known as Sonali Bank UK until 2022, has served the Bangladeshi community for over 50 years. Its parent, Sonali Bank, is the largest bank in Bangladesh.
- Finastra Essence Adoption: The system has a presence in the UK among small financial institutions like Loughborough Building Society, Melton Building Society, and Teachers Building Society.
