Sumitomo Bank Ltd. has chosen Oracle Corp. to provide a full suite of financial management software.

The $500 billion bank will install Oracle software to manage its general ledger, payments and receivables, profitability reporting and analysis, and other financial functions.

The multicurrency software will be deployed worldwide by yearend, first in the United States to about 750 employees, then in Asia and Europe.

Peter C. McCormick, joint general manager and chief information officer of Sumitomo Bank's North American headquarters, said the implementation should provide "hard cost savings."

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