Press Releases
print

IFC, SAB Partner to Improve Financial Services through Leading Software Technology in Middle East, Africa and Asia


IFC contact
In Paris:

Egidio Germanetti
Phone: +33 (0) 1 4069 3182

E-mail: egermanetti@ifc.org


In Rabat:

Catherine Gozard

Phone: +212 537 544 381

E-mail: cgozard@ifc.org


Paris, May 5  2015 - IFC, a member of the World Bank Group, is investing €10 million in SAB, a leading developer of banking software, to bolster financial system infrastructures in the Middle East, Africa and Asia.

IFC’s equity investment will support SAB, which is headquartered in France, to expand its international business by reaching local financial institutions through its long-time subsidiaries in these regions. SAB's modern, integrated core banking software – which handles all aspects of a bank's daily business – is expected to help financial institutions in these markets accommodate changing business needs and support modern banking requirements, including customer centricity, real-time processing capabilities and relationship banking.

"In recent years, the increasing complexity of the financial services industry has put pressure on banks to improve their transparency and risk management," said Olivier Peccoux, CEO of SAB. "By using modern core banking software, financial institutions will manage to meet regulatory requirements, while also improving their performance."

Andi Dervishi, Global Head of IFC’s Financial Technology Investments, said “A modern, flexible and adaptable core banking system will be central to banks’ innovation process. Our investment in SAB will help financial institutions in local markets  enhance their efficiency and develop a wider range of financial products, thus providing better services and reaching out to more customers”.

The focus of SAB's expansion in emerging markets, which will start in their operational centers in Lebanon and Tunisia, will contribute to employment generation and, ultimately, economic growth in the target regions.

The investment is part of IFC’s strategy in emerging markets, which focuses on improving financial services as well as supporting innovative sectors such as information and communications technologies. IFC has one of the largest and most diverse financial technology portfolios in developing countries, with over $150 million invested in 16 companies as of the end of 2014.

About SAB
SAB, a banking software market leader, offers highly customisable technological solutions to financial institutions. SAB, which has placed the digital transformation of banks at the centre of its strategy, serves a large number of clients. SAB’s banking software is currently used by about 200 financial institutions in 25 countries, including Banque Palatine, Axa Banque, Fransabank, Caisse des Dépôts, Banque Nationale de Développement Agricole au Mali, Compte-Nickel. Founded in 1989 and headquartered in France, SAB has R&D and support centres in Paris, Vannes, Monaco, Beirut and Tunis, as well as an international network of offices in Istanbul, Casablanca, Dubai, Nairobi, Jakarta, Kuala Lumpur and Singapore. In 2014, the Group recorded €49.7 million in revenues and employed 618 people, with more than half focused on R&D. SAB has been a member of the UN Global Compact since 2007, with its strong social, societal and environmental commitments meeting the criteria for the “GC Advanced Level” status. For more information, visit www.sab2i.com

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org

Stay Connected
www.facebook.com/IFCmena
www.twitter.com/IFC_mena
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex