Syntel and BinckBank launching BPO
BinckBank has October 19th 2006 acquired software supplier and developer Syntel beheer B.V. (Syntel), the market leader in the Netherlands in securities transaction processing and administration software for financial institutions. The acquisition is consistent with the objective of both companies to expand internationally and supplement their current offerings with business process outsourcing (BPO) of securities services for banks. The Syntel acquisition will start making a contribution to profits immediately.
Thierry Schaap, CEO of BinckBank:
Syntel has been our very appreciated supplier for the last years. With this strategic acquisition, BinckBank has gained access to the technology which forms the beating heart of our services. It enables us to expedite the implementation of our plans for international expansion and the introduction of BPO services for banks.
The combination of software expertise and expertise in operational securities transaction processing creates a powerful web-based platform for financial institutions – including banks – which can be rolled out more widely on the international market. It also means we can continue playing an innovative, pioneering role in the processing of online securities transactions.
Jan Veenstra, General Manager of Syntel:
Acquisition by BinckBank enables us to expand our existing services and take our business to the next level. It’s vital that we continue to serve our existing and new clients with our current and future products. We are extremely enthusiastic about the development of BPO services in conjunction with BinckBank, as an extension to our range.
European integration is creating a huge market for Syntel’s products. Acquisition by BinckBank will give us the resources we need to roll out our current and future products into Europe.
Following the strategic reorganisation of BinckBank’s operations in 2004 and 2005, the services for private investors and professional clients were grouped into two separate business units, Retail and Professional Services, to sharpen the focus on the growth of these operations and roll out these services within Europe. At the beginning of this year, BinckBank announced that, as part of this strategy, it was investigating the possibility of extending its services to include business process outsourcing (BPO) for securities order execution, securities administration and securities-related payments for banks. Our research has shown that there is substantial demand for this kind of service.
Bringing together BinckBank’s experience in high-volume processing of securities-related transactions and Syntel’s software creates an opportunity to develop a distinctive product which combines high quality and very attractive rates. Through its BPO services, BinckBank aims to generate a greater volume of security transactions, which will translate into lower cost per transaction.
Syntel will retain its independence, guaranteeing continuity of service to existing clients. The company will remain at its present location in Reeuwijk and there will only be minor operational integration. Activities relating to the BPO services will we based at Syntel. BinckBank is considering inviting existing Syntel clients and future BPO clients to invest in Syntel.
The acquisition price will be between €10.5 million and €12 million, depending on turnover in the next two years. The acquisition will be funded entirely out of BinckBank’s own resources. Syntel is expected to contribute €075 million to profit in 2007 and a similar – pro rata – contribution is forecast for 2006. Syntel’s results will be included in the consolidated financial statements within the Professional Services business unit.
Information on BinckBank N.V.
Binck provides services relating to securities and derivatives for various categories of investors. The company offers investors cost-effective, high-quality access to international securities markets. Its operations are split into three business units: Retail, Professional Services and Trading.
Within the Retail business unit, BinckBank operates as an internet broker for private investors, via a website through which clients can invest at their discretion on all the major stock exchanges. The Professional Services business unit provides services for external independent asset managers and stockbrokers, including banking services and securities order execution. The Trading business unit trades for its own account in equities, bonds and derivatives.
Binck N.V. is listed on Euronext Amsterdam.
Information on Syntel
Syntel develops and supplies innovative software which enables financial institutions to process and administer all conceivable securities transactions. Its applications are fast, reliable, complete and capable of processing large volumes of data. One in three private share transactions in the Netherlands is processed using Syntel software, making Syntel the Dutch market leader. A second business unit develops and sells components for financial messaging, while a third insources the complete handling and administration of securities transactions. Syntel also started operating in Germany and Belgium in 2006 (www.syntel.nl).
Press liaison:
Jonneke van Staveren BinckBank N.V.
Telephone: +31 20 522 0372 Vijzelstraat 20
jvanstaveren@binck.nl 1017 HK Amsterdam
www.binck.com
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