Sonali Bangladesh UK selects Finastra Essence for core banking tech overhaul

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.