Identifies Banking as key focus area in the Kingdom
Bangalore, May 10, 2004
Infosys Technologies Limited (NASDAQ: INFY) announced today that it had signed up Arab National Bank (ANB), its fifth banking client for Finacle in Saudi Arabia and indicated a stronger focus on the Saudi market for IT solutions and services, especially centered around the Kingdom's large banking sector. Under the terms of the agreement with ANB, Finacle will provide the comprehensive solution to power ANB’s web based initiatives in the space of business e-banking, consumer e-banking and Alerts.
Announcing this at a Press Conference in Riyadh, Infosys Chairman and Chief Mentor, N. R. Narayana Murthy, said that the ANB win reaffirms Infosys’ strategic focus on the Middle East region as a whole. "Over the past couple of years, Infosys has made significant investments in localizing Finacle, our Universal Banking Solution, as well as building sales and delivery capabilities in Saudi Arabia and the Middle East in general." he said. "We will continue to focus strongly on the Saudi market, especially in banking, where we have already made our mark, and focus on providing best - of - breed technology - driven business solutions and services to our clients in the Kingdom."
Infosys has a business alliance partnership with Riyadh - based Wareef United for sales and support of Finacle in the Kingdom. Senior Vice President Girish G. Vaidya, who heads its Banking Business Unit said, "Signing up with Arab National Bank is an important landmark for Infosys since it establishes a dominant place for Finacle in the e - banking space in the Kingdom. We have been in rapid client acquisition mode in Saudi Arabia, which we see as one of our key markets for Finacle. Today Finacle powers the e-initiatives of 5 out of 10 banks in Saudi Arabia. We have also recently set up a proximity support center in Riyadh to cater to the support needs of our Finacle clients in the Kingdom and are confident that this move will further strengthen our existing relationships and help serve our clients better. Finacle's rapid success in the market is due to its new generation capabilities providing banks the flexibility to launch innovative and unique products and services rapidly and cost effectively, and its impeccable implementation track record. We take this opportunity to welcome ANB to the rapidly growing Finacle family worldwide, and look forward to a long and fruitful partnership with them."
Arab National Bank (ANB) is one of ten commercial banks in the Kingdom of Saudi Arabia. ANB was established in 1980 as one of the six branches of Arab Bank of Jordan. The Arab Bank has been operating in the Kingdom for 30 years. Arab Bank owns 40% of ANB shares while 5,000 Saudi nationals own the remaining 60%. The Bank has a network of 117 branches, including a London branch and 258 ATMs. ANB has emerged as a leader within the Kingdom in exploiting technology to serve business needs and has pioneered initiatives such as internet banking there.
Infosys, a world leader in IT solutions, services and consulting, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys’ Global Delivery Model to achieve higher quality, rapid time - to - market and cost - effective solutions. Infosys has over 25,000 employees in over 30 offices worldwide. For more information, visit www.infosys.com
Certain statements in this release related to the Offering constitute forward - looking statements. This Offering is subject to shareholder approval, which may not be obtained. Although the Offering is expected to be made to our equity holders in India, we may be required to exclude certain equity holders outside India to comply with U. S. rules and regulations. Our business is subject to a number of risks and uncertainties that could affect our future operating results including those described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20 - F for the fiscal year ended March 31, 2004 and on Form 6 - K for the quarter ended June 30, 2004 and September 30, 2004. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward - looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward - looking statements that may be made from time to time by or on behalf of the company.
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