Oracle FS wins major core banking deal with Gulf Bank

Oracle FS has won a major front-to-back technology deal with Kuwait-based Gulf Bank.

Gulf Bank is one of the largest lenders in Kuwait

FinTech Futures understands the bank is replacing its existing TCS Bancs core banking system with Oracle’s Flexcube.

The deal means Gulf Bank will deploy Flexcube across both retail and corporate operations.

The bank is also replacing its SAS financial crime suite with Oracle Financial Crime and Compliance (FCCM).

Set to be one of the largest technology transformations in some time in the region, the deal is understood to be worth tens of millions of dollars.

Oracle declined to comment on the deal.

Gulf Bank has worked with the Mumbai-headquartered vendor in the past. In November 2020 it signed a deal with the vendor to replace legacy Backbase-powered digital channels with the Oracle Digital Experience (ODX) system.

Gulf Bank, founded in 1960, is one of the largest institutions in its home country, and operates around 58 branches with assets under management totalling $19.7 billion.

It offers a variety of products in consumer banking, wholesale banking, treasury, and financial services.

Earlier this year it went live with Murex, deploying the firm’s MX.3 platform across treasury and capital markets.