Deutsche Bank Luxembourg turns to Avaloq for core banking tech revamp
Deutsche Bank Luxembourg live with Avaloq tech
Deutsche Bank Luxembourg has implemented Avaloq’s core banking system, creating “a new, single cash ledger for its various businesses”, according to the vendor.
The new solution, Avaloq adds, will enable the bank to “to deliver the full range of services to clients while reducing complexity, risks, costs, and paving the way for future growth”.
Deutsche Bank Luxembourg and key affiliate entities of the German banking group in Luxembourg decided to operate from one cash ledger for all of its businesses and have now migrated “in one move” from their legacy tech to Avaloq Banking Suite.
Deutsche Bank Luxembourg serves as the group’s syndicated and bilateral lending hub for corporate and investment banking clients and as the EU service hub for the group’s international wealth management business. It is one of the largest foreign banks in Luxembourg and classed as a systemically important institution in the Grand Duchy. It is directly supervised by the European Central Bank (ECB).
Luxembourg and Switzerland are the international competence and service centres in Europe for Deutsche Bank’s cross-border wealth management activities.
The Swiss operations have already been using Avaloq Banking Suite for a few years, and so have been the group’s subsidiaries in Hong Kong and Singapore.
