Karachi, Pakistan - Alchemy Associates / Alchemy Technologies today announced that its Alchemy Risk Manager implementation went live at MCB on August 20th, 2005. MCB signed up Alchemy Associates for a review of Middle Office function and implementation of Alchemy Risk Manager on May 11th, 2005. Alchemy delivered 4 incremental releases starting 10th June 2005 and went live within 3 months of contract signing.

Alchemy Risk Manager is a Basel II complaint enterprise risk solution which offers additional features such as treasury and risk adjusted return calculator, derivative pricing engine, derivative risk management, interest rate simulation model, value at risk estimators, portfolio benchmarking and back testing tool kit.

Jawwad Farid, Chief Executive of Alchemy Associates / Alchemy Technologies, commented on the event. “I believe with MCB’s continuing and ongoing support we have a delivered a solution meeting international standards and flexible enough to handle eccentricities embedded in domestic and regional markets. This is one more important milestone for us in a relationship with one of our most valued customers. MCB has always been on the forefront of technology and system initiators and have stayed true to that legacy in choosing Alchemy as their Middle Office provider”.

MCB Bank Limited (formerly Muslim Commercial Bank Limited) with a balance sheet foot print approaching 5 billion dollars has been providing banking services in Pakistan for over 50 years, with above 900 branches, 750 of which are automated.

Alchemy Associates / Alchemy Technologies is a boutique risk management and actuarial consulting firm with 20 employees and a growing portfolio of blue chip customers in Pakistan and Middle East.