Prominvestbank Selects Oracle FLEXCUBE Universal Banking to Standardize Systems and Support Growth

Oracle today announced that Prominvestbank, one of Ukraine’s largest commercial banks, has selected Oracle FLEXCUBE Universal Banking (www.oracle.com/us/industries/financial-services/046685.html) to standardize business processes and centralize banking operations, as well as provide real-time access to accurate information across the board.

Oracle FLEXCUBE will allow the bank to better serve its 116,000 corporate customers and three million customer accounts, across more than 600 physical outlets, and support competitive growth.

With a focus on corporate banking, Prominvestbank intends to launch retail services. The implementation of Oracle FLEXCUBE will establish a comprehensive technical base from which to build these services.

Additionally, Oracle FLEXCUBE will centralize data on customer activity, removing the issue of multiple instances of applications and databases, and providing accurate data.

Working with Oracle’s local reseller partner JSC Sitronics (solutions.oracle.com/partners/jscsitronics) , Prominvestbank was guided by parent company, Russian owned Veneshcenom Bank (VEB), to adopt Oracle FLEXCUBE.

“Oracle’s impressive footprint in Ukraine and the availability of local Ukrainian speaking consultants through JSC Sitronics played a big part in our adoption of Oracle FLEXCUBE Universal Banking. We want to grow and needed to standardize our processes and centralize our databases and applications. Now we can confidently plan for future expansion, knowing Oracle will proactively assist Prominvestbank’s growth, while allowing us to react swiftly whenever we need, with the help of local partners on the ground in Ukraine,” said Victor Bashkirov, Chairman, Prominvestbank.

Rajesh Hukku, Chief Strategy Officer, Financial Services, Oracle, said, “We are extremely pleased to work with Prominvestbank, our sixth such deal in Ukraine.  With the bank’s plan for growth and expansion into retail services, we expect them to be able to take full advantage of recent investments made in Oracle FLEXCUBE, and accelerate the rollout by working with our local partner JSC Sitronics, who will assist in the implementation across the country for Prominvestbank.”