Manila/Bangalore: April 27, 2004
Infosys Technologies Ltd., a global IT solutions company, today announced that it has signed up China Banking Corporation (China Bank), Philippines to deploy Finacle, the universal banking solution for its Internet banking initiative. The solution will power the bank's e-initiatives in consumer e-banking, cash management and alerts. Finacle is being delivered by Infosys in partnership with Total Information Management (TIM) a leading solution provider in Philippines and an authorised business partner of Infosys.
China Bank, among the top commercial banks in the country, will deploy the integrated solution as a way of leveraging new - generation cutting edge technology in the e-space. It will enable the bank to create a unified e-banking portal to drive unique customer experience and create competitive differentiation. At the contract signing ceremony, China Bank President and CEO Peter S. Dee, said, ”China Bank clearly views this partnership as a strategic initiative to address the bank’s business strategy. It is a key component of our thrust to enhance customer experience, retain and attract customers, and generate fee income." China Bank EVP and COO Ricardo R. Chua said "China Bank conducted a thorough evaluation of several global solutions, and Infosys was selected for its high degree of integration and flexibility, rich functionality and unique cutting - edge technology architecture that lays the groundwork for integration into a future - proof core banking system". Mr. Chua added, “We were impressed with the proven and consistent implementation track record of Infosys."
Merwin Fernandes, Vice President and Global Head - Sales and Marketing, Infosys' Banking Business Unit, said, "We are delighted and excited with this opportunity to partner with China Bank. This is an important milestone in our journey in the ASEAN market and marks our entry into Philippines - a new, highly potential and competitive market. We view this region as a strategic focus area for our banking solutions and are making significant investments in the product and delivery capability for the region. We believe that Finacle will provide a unique business value to China Bank to achieve its vision. We are also confident that this strategic breakthrough will accelerate our market penetration in Philippines as well as the region as a whole."
China Bank was incorporated in 1920, as the first privately owned local commercial bank in the Philippines. The universal bank is 7 th largest bank in terms of capital base and 12 largest in total assets. It also the 4 th largest in terms of market capitalization among publicly listed banks. It has consistently ranked among the top banks in Philippines in terms of profitability, capital adequacy and balance sheet strength. It has over 140 branches and 170 ATMs in Philippines and offers the entire range of financial services, offering retail and consumer, corporate, trust, trade finance and insurance services to its customers.
Infosys, a world leader in consulting and information technology services, 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
TIM is a fully Filipino owned Information Technology (IT) company with nationwide operations offering varied products and services. Established in 1985 initially as a vendor for remanufactured and refurbished IBM mainframes, TIM today is a multi - product and multi - services company catering to all of the IT needs of various industries.
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.
For further information, please contact: PR_Global@infosys.com