ABN Amro selects SunGard’s Credient

ABN Amro has signed up to use SunGard Trading and Risk Systems’ credit portfolio analysis and counterparty exposure tracking system, Credient, for global credit risk management and control. The Dutch bank will use Credient for trading portfolio credit risk management across its wholesale clients' business.

Pennsylvania-based SunGard will deliver Credient via a web browser to more than 3,000 traders and middle-office staff in over 65 locations in 45 countries. Credient will aggregate data from ABN Amro’s trading systems, including other SunGard systems such as Infinity and Brass, and consolidate and calculate the full range of credit risk information, including netted exposures and advanced portfolio analytics.

Jan Sijbrand, senior executive vice-president and global head of group risk management at ABN Amro, said Credient will help the bank manage its portfolio risks effectively. “Credient's ability to provide consolidated data from across our trading operation in real time will enhance pre-deal decision making and enable us to implement consistent credit policies across the organisation.”

Earlier this week, SunGard reported a 9% rise in quarterly earnings for the first quarter of 2003 compared with a year ago. But overall internal revenue, which excludes acquired businesses, remained flat in the quarter and decreased 4% in its investment support systems division.

Cristóbal Conde, president and chief executive of SunGard, reiterated that the company's outlook for 2003 is to aim for diluted net income per share in the range of $1.24 to $1.29. He said this prediction assumed neither a rebound nor a further deterioration in demand.