Erste Group Appoints CMA DataVision
Sep Tue 15 2009 at 8.30 am
CMA, the credit information specialist, today announced that Erste Group Bank AG, one of Central & Eastern Europe's largest financial services groups, has selected CMA DataVision to provide independent CDS price verification for use across their Valuations, Risk and Trading departments.
Harald Müller, Head of Structuring & Credit Markets at Erste Group, commented "We looked at a number of credit data vendors but DataVision's flexibility, its value-for-money and the quality of service and support we received from CMA really set them apart. Using DataVision across our risk, trading and valuation teams ensures we have a consistent, accurate and independent view of the credit markets so we can more efficiently manage risk and monitor performance across our organisation."
CMA DataVision is a high quality, same day, consensus based price verification data service for CDS, Indices and Tranches, used primarily for mark-to-market, flash P&L, research and analytics. It is sourced from 30 buy-side firms including leading Hedge Funds, Asset Managers and the buy-side desks of global Investment Banks.
Laurent Paulhac, CMA's CEO, said "Robust risk management and greater operational efficiencies are high on the agenda of financial firms worldwide and accurate, timely data is an essential ingredient for achieving these goals. We are delighted that Erste Group has endorsed DataVision's buy-side contribution model from the various options available to them."
About Erste Group Bank AG
Erste Group is one of the largest and longest established banking groups in Austria. Founded as the "Erste Oesterreichische Spar-Casse" in 1819, today it plays a major role in the development of financial management in Austria and Central Europe. More than 51,000 employees serve 17 million clients in 3,000 branches in8 countries (Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia, Ukraine). As of 30 June 2009 Erste Group has reached EUR 204.2 billion in total assets, a net profit of EUR 492.1 million and cost-income-ratio of 52.5%.
For further information please visit www.erstegroup.com