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HomeBankingSonali Bangladesh UK selects Finastra Essence for core banking tech overhaul

Sonali Bangladesh UK selects Finastra Essence for core banking tech overhaul

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  • 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.

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