Oberbank AG, first Austrian depositary bank to go live with fund accounting solution from SimCorp

Austrian Oberbank AG has successfully implemented SimCorp's fund accounting
solution and is now in production with all administered funds on SimCorp
Dimension. Oberbank uses SimCorp Dimension as the strategic investment
management platform, for depositary banking, fund administration, IFRS and
compliance. The bank's former platform, Sungard V3, has now been discontinued. 

“The successful implementation confirms our decision to use SimCorp Dimension,
which is now our central platform for the entire investment management
process”, says Florian Hagenauer, director and deputy member of the executive
management team, who is responsible for IT operations at Oberbank. “We are
already experiencing vast improvements. Relevant key figures for complex
financial instruments are calculated consistently in SimCorp Dimension. Due to
the rich functionality and flexibility of SimCorp Dimension, we are able to
handle increased requirements and we are prepared for future demands. In
addition, we have also achieved better quality through lower error rates and
shortened processing time. We are especially pleased with the straight through
processing capabilities for funds, Fund STP, in SimCorp Dimension, and we
expect even further reduced processing time, improved visibility of status per
fund as well as more flexibility within fund administration.” 

Also regulatory reporting has been optimized. End-of-year reporting and
solvency reports are generated directly out of SimCorp Dimension. Fund data
required for reporting to the Austrian central bank (OeNB) are submitted to the
Austrian control bank (OeKB) via the integrated FundsXML interface. 

The project was successfully completed on schedule. Key success factors include
the collaboration between Oberbank's SimCorp Dimension project team with the
relevant business departments at the bank. Also instrumental to the project's
success was the high level of expertise provided by SimCorp's business
consultants. 

“We are very pleased that Oberbank is the first custodian bank in Austria to
run all administered funds on SimCorp Dimension” says Anton Karl Ertl, head of
SimCorp's activities in Austria. “The project's success is a testament to the
partnership and collaboration between Oberbank and SimCorp“. 

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Enquiries regarding this announcement should be addressed to: 
Oliver Widmann, SimCorp Central Europe, +49 (0) 6172 9240-0 (535) 

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About Oberbank AG
Oberbank was established in 1869 as “Bank für Oberösterreich und Salzburg”,
headquartered in Linz. In its more than 135-year old history Oberbank has
matured into an independent and dynamic regional bank located in the heart of
Europe. Oberbank staffs 1,900 employees. The balance sheet total of the
institution acting in Austria, Bavaria, the Czech Republic, Slovakia and
Hungary sums up to more than EUR 14bn. The independent regional banks BKS Bank
AG, Bank für Tirol und Vorarlberg AG (BTV) and Oberbank AG form the Austrian 3
Banken group. 

About SimCorp 
SimCorp is a leading provider of highly specialised software and expertise for
the investment industry. SimCorp supports global investment management
organisations in mitigating risk, reducing cost and enabling growth through
development and implementation of its market-leading financial software
solution SimCorp Dimension. Established in 1971, with more than 1,100
employees, SimCorp is listed on the NASDAQ OMX Copenhagen A/S. SimCorp is
headquartered in Copenhagen with subsidiaries and branches in Amsterdam,
Brussels, Frankfurt, Helsinki, Hong Kong, Kiev, London, Los Angeles,
Luxembourg, Munich, New York, Oslo, Paris, Singapore, Stockholm, Sydney,
Toronto, Vienna and Zurich. For more information about SimCorp, visit
www.simcorp.com