The National Bank of Kuwait has gone live with Vermeg’s core custody and clearing product, MEGARA.
“NBK took a strategic decision in 2005 to offer sub-custody services to non-resident institutions in the Kuwaiti market, the first such service in Kuwait,” says Bader Al-Turkait, senior manager of NBK. “NBK was therefore looking for a proven Custody and Clearing solution which could be implemented rapidly and will provide NBK with the high level of service and SWIFT compatibility the new role would demand to support international standards and requirements of global international institutions. Vermeg not only provided a robust solution meeting all these requirements, but their commitment to the Project and dedicated professional staff made the implementation possible.”
“The implementation of MEGARA, Vermeg’s SWIFTReady Labeled Custody and Clearing solution, at NBK marks an important landmark for Vermeg as its first installation in the Middle East,” adds Christian Cure, executive vice president of Vermeg. “As the securities markets develop rapidly in the area, Vermeg stands ready to assist major players such as NBK to enter the global securities markets not only with technologically advanced solutions that comply with all the latest SWIFT and market enhancements, but also with consulting and implementation staff who bring extensive experience of global securities markets to the projects.”