OREANDA-NEWS. January 18, 2012. ARMADA (MICEX-RTS: ARMD) hereby announces that it has been awarded a contract at a tender by Sberbank (MICEX-RTS: ARMD) to develop and deploy a software complex “Automated system for open foreign exchange position management” as part of a project “improving the management of open foreign exchange position”.

ARMADA CEO Roman Kruglyakov commented on the contract: “This is a promising and interesting project, which offers great prospects for cooperation with the country’s largest bank. The management of an open foreign exchange position (the balance between a bank’s foreign currency assets and liabilities) is a tall order even for a small bank. In this case, a system is needed to link 17 territorial banks with thousands of regional branches and ensure centralized and coordinated management of their positions.”

Banks’ demands for IT solutions have risen noticeably last year, market experts say. Sberbank is the undisputed leader in terms of IT outlays. It is also one of the most innovative players in the banking sector.

Sberbank intends to replace its entire technological platform by mid-2013, which will enable it to work under completely new conditions in terms of client service. To attain this goal, the bank investments in innovations were forecasted on a level of 7-8% of its consolidated revenue in 2011, which is on par with international banks . Sberbank’s net profit amounted to RUB 181.6bn in 2010.

ARMADA has extensive expertise in large integration projects and considerable experience of cooperation with Sberbank. Sberbank’s website, created by ARMADA, ranked first among Russian portals in Financial Times Bowen Craggs Index 2009.