HVB extends relationship with Front
Germany's HypoVereinsbank (HVB) has formed a new partnership with Front Capital Systems, the Swedish trading systems operating unit of SunGard. It will result in close collaboration between the two companies in IT development.
Front already supports HVB’s fixed income, derivatives and equities trading operations. The new deal will result in Front developing sales distribution and risk management systems at the bank. The installation will hook up HVB’s 2,050 offices around the world. But the pair declined to provide a specific timetable. Front chief executive Jonas Lindström said the deal would give HVB the power to influence Front’s strategic development. In exchange, the German bank will invest in Front’s local support structure. “We can benefit much more from having a strong partnership, not the traditional customer-client relationship,” said Lindström.Reinhard Eschbach, chief information officer at HVB, said: “Under the agreement we succeed in securing long-term efficiency and cost benefits, while also retaining a direct influence on the product development.”
Lindström declined to provide details of the value or length of the agreement, saying only that it was for millions of dollars, and for several years.
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