Hamburg – NORD/LB is reorganising its IT and process architecture to create a new management and control system. The project brings together the relevant core disciplines (reporting, accounting, financial controlling, risk controlling and treasury) and integrates them via a shared centralised database. A key element of the new system is the SAP S/4 HANA platform, which uses a hybrid solution comprising private and public cloud services.
A CMS team headed by lead partner Philipp Lotze advised NORD/LB on all legal aspects of drafting and negotiating the agreement and preparing the corresponding formal resolution. In addition to general contract law issues, a particular focus of the advice was on ensuring compliance with banking supervisory law in line with EBA guidelines on outsourcing. The legal team also provided support for the bank’s internal processes, through to adoption of a resolution on the conclusion of the agreement. The set of agreements was signed in December.
The purpose of the new management and control system is to boost NORD/LB’s competitiveness. It ensures the bank’s future technological viability by creating a dynamic and future-oriented system landscape. This will also enable the bank to meet new regulatory requirements efficiently at significantly reduced cost, based on a high degree of standardisation.
Philipp Lotze, Lead Partner
Dr Axel Funk, Partner
Dr Michael Kraus, Partner
Dr Dennis Heinson, Counsel
Dr Jörn Heckmann, Counsel
Martin Kilgus, Senior Associate, all TMC
Dr Eckart Gottschalk, Partner
Ayleen Görisch, Counsel
Dr Justus Jürgensen, Associate, all Corporate/M&A
Moritz Gerstmayr, Counsel, Banking & Finance
Karima Sameri, Senior Associate, Real Estate & Public (Foreign Trade Law)