13-May-02
Post-publication comment : Please note that Cosba Private Banking is now DZ PRIVATBANK Schweiz.
Zurich-based cosba private banking ("Co-operative Swiss Banking") began an implementation of Odyssey's market-leading Triple'A portfolio management system.
cosba is a joint shareholding between the Swiss Raiffeisen banks and the recently merged DG/DZ Bank in Germany. Today, cosba, created in 1975 and with a current workforce of 170 employees, is effectively the private banking arm of the Raiffeisen banks, which together account for more than 1 million customers, representing 20% of the Swiss market.
cosba selected Odyssey & Triple'A after an extensive review and evaluation of solutions available from vendors and internally. Triple'A was chosen because of its proven integration with the Olympic back-office system, OAMS's experienced and knowledgeable local team, and Odyssey's complete focus and commitment to the wealth management market.
The implementation project will start immediately and the system is scheduled to be up and running in October. Arnold Davis, Executive Vice President, from cosba commented, "A key focus in our selection was the ability to implement maximum quality in minimum time. To do this we required a vendor with a proven track record of successful projects plus, critically, a deep understanding of our business. Odyssey has built productive relationships with our wealth management professionals, who will be fully involved in the successful implementation of Triple'A."
cosbas' objectives for the project include:
- Handle higher business volumes, and provide a market leading client service, whilst controlling and reducing administrative costs.
- Increase the number of model portfolios, strategies, etc., leading to a greater variety of investment products & choices to Clients.
- Further enhance & differentiate cosbas' private & institutional client reporting, including SPPS requirements.
Charlie Barrass, Odyssey COO, commented, "OAMS has a strong commitment and market leading position to the Swiss German market. In the last 10 months we have been selected by 4 major private banking organisations, implemented by the Zurich team. We are delighted to welcome cosba as an important new customer in Zurich. The local OAMS team has the right skills mix to fully support the bank in its ambitious growth objectives and focused implementation plan."