Pancreta Bank, the largest cooperative bank in Greece, has partnered with Finastra to optimise regulatory compliance.

The Greek lender has selected Finastra’s Fusion Risk solution that will help in automating regulatory reporting and compliance processes.

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With Fusion Risk solution, Pancreta Bank aims to meet the specific compliance requirements under Basel III, IRRBB and IFRS9.

The move will also minimise manual work and associated costs streamlining balance sheet management.

Pancreta Bank executive general manager Chrisanthi Papadopoulou said: “Pancreta is focused on meeting the banking needs of our customers, supporting their business and banking needs in the most efficient and personalised way.

“Optimising regulatory compliance is essential as we continue to grow the bank and evolve our product offerings.

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“It is critical for a Greek bank like Pancreta to have a strong and reliable predictive solution, capable of anticipating business decisions.

“To achieve this, we required data and scenario-consistent reporting, and a tool for the attribution of regulatory capital burden.”

Established in 1993, Pancreta Bank has more than 85,000 active members. The lender serves its members through 52 branches located across the country. It plans to open another branch in the island of Rhodes by the end of the year.

Finastra head of risk practice Arnaud Picut said: “Pancreta was seeking the best solution to optimize its regulatory compliance functions and also a trustworthy partner to provide seamless integration and support.

“Fusion Risk’s regulatory automation capabilities will help support Pancreta’s targets for future growth as it seeks to increase customer deposits, restructure its branch network and expand to new markets.”

In October, UAE-based lender United Arab Bank partnered with Finastra to drive digital transformation.