BayernLB picks Broadridge to cover regulatory reporting needs
Bayerische Landesbank (BayernLB) has selected Broadridge Financial Solutions to underpin its regulatory trade and transaction reporting.
BayernLB ranks as one of the largest banks in Germany
Broadridge’s reporting platform will handle BayernLB’s commitments to SFTR, EMIR, SiFIR, and MMSR.
BayernLB is one of six Landesbanken in Germany. It is 75% owned by the Free State of Bavaria and 25% owned by the Sparkassenverband Bayern, the umbrella organisation of Bavaria-based Sparkassen.
Founded in 1972, it holds €256 billion in assets under management. It ranks as one of the top ten largest banks in its home country.
Broadridge says the bank is to benefit from “a consolidated, integrated data model”. It adds the model can be “extended and adapted with ease to accommodate additional new reporting jurisdictions”.
Peter Graml, head operating officer for treasury products at BayernLB, says the deal “delivers significant operational efficiency gains” for the bank.
He adds it also “enables us to dedicate an even higher proportion of our resources to developing customer service relationships”.
Broadridge appointed financial services veteran Ray Tierney as president of its newly acquired subsidiary Itiviti this week.
Broadridge is one of the industry’s most active consolidators. It has conducted several mergers and acquisitions in the past few years.
“We are excited to help BayernLB with all of the industry’s new and ever-evolving reporting requirements and to see this solution live in the German market,” says Hugh Daly, head of capital markets data and regulatory solutions at Broadridge.
