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Dresdner Bank sells financial market database to IBM

IBM is taking over from Dresdner Bank the process management and operation of the jointly developed financial market information system

FRANKFURT, Germany & STUTTGART, Germany - 19 Dec 2003: Dresdner Bank is handing over to IBM Germany the management, development and running of its financial market information database. In the future it will call in on demand the data it needs from the database. The two companies today signed in Frankfurt an agreement to this effect. Along with the database, 24 bank employees will transfer to IBM from February 1, 2004. The two companies developed the market database jointly in recent years. It collects, archives and analyzes financial information of various kinds and processes it for risk control use by the bank, giving highest priority to data quality assurance. IBM will manage the entire process and operate the database for the bank as a business transformation outsourcing provider. It will also offer the service to other customers.

For Dresdner Bank selling the market database is a proof for the competitiveness of this product and the underlying processes. At the same time this is in line with the "New Dresdner" future program, which aims at focusing the bank on their core competencies. "With IBM handling process management and running the database, Dresdner Bank will be able to achieve sustainable cost savings with constant quality and an assured supply of all the relevant market data whilst keeping our own know-how in risk valuation and management" said Otto Steinmetz, Dresdner Bank director in charge of risk management.

IBM will offer the market database services to other companies, too. The target group for this quality-assured financial market data includes universal and investment banks and insurers, asset managers and corporate groups. "Buying in market data of this kind is interesting not just because it costs less than an in-house solution but because of the higher quality of the data provided. That should be of interest for all banks and insurers for whom the new service will provide more and better data," said Norbert Dick, IBM's managing director worldwide of business with the Allianz Group. Independent market research institutes such as Risk Water, Iverson or the TowerGroup estimated the market volume for reference data in Europe at around USD 1.3 billion in 2001 and likely to grow further. Especially with Basel II and Solvency II in mind, around 25% of banks are considering either outsourcing or buying in these services, the market research surveys report.

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Contact(s) information

Dagmar Domke
IBM Media Relations
+49 (0)211 9615-6939
dagmar.domke@de.ibm.com

Karl-Friedrich Brenner
Dresdner Bank AG Pressoffice
+49 (0) 69 263 - 83637
Karl-friedrich.brenner
@dresdner-bank.com

Karen Brenneisen
IBM Media Relations
+49 (0)69 66 45-25 98
k_brenneisen@de.ibm.com

Christoph Blumenthal
Dresdner Bank AG Pressoffice
+49 (0) 69 263 - 55807
Christoph.blumenthal
@dresdner-bank.com

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