5 th bank in Mauritius to be powered by Finacle
Bangalore, March 01, 2004
Infosys Technologies Ltd. today announced that Mauritius Post and Cooperative Bank (MPCB) has signed up for Finacle™ , its universal banking solution. With five out of twelve banks in Mauritius now being powered by Finacle, Infosys has further strengthened its dominant position in the island nation. MPCB has licensed Finacle solution stack covering areas like retail banking, trade finance, financial management and loan origination.
Mauritius Post and Cooperative Bank was formed as a result of a merger of New Co - operative Bank with the erstwhile Post Office Savings Bank. The bank’s decision to implement Finacle is part of an overall growth strategy in which MPCB aims to be amongst the top banks in the country by leveraging technology to differentiate and innovate. According to Kris Lutchmenarraidoo, CEO, MPCB, “Rapid introduction of a new generation technology platform is one of the strategies to enable achievement of the ambitious growth targets of our bank. We believe we have found this in Finacle, which has impressed us with its superior functionality, flexibility and scalability. Infosys’ global experience in the financial services arena makes them the right partner for this important initiative.”
Merwin Fernandes, Vice President and Global Head - Sales and Marketing at Infosys’ Banking Business Unit said. “We are delighted to partner MPCB, a bank that is embarking on a journey of transforming its business leveraging technology. We believe that the Finacle value proposition, that enables banks to adapt and innovate quickly and cost effectively, is best suited to meet the challenges of transformation. ” Explaining the dominant position that Finacle has attained in the Mauritius market, he said, “Our core strength is our impeccable delivery track record that has enabled Finacle very quickly achieve a leadership position in every market that we have entered.”
Mauritius Post and Cooperative Bank has aggressive growth plans. The bank is investing in increasing its branch network as well as delivery channels like ATM and Internet Banking. MPCB believes that the right mix of technology, people and efficient business processes will enable its customers to experience superior service, which is its unique value proposition.
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 21,000 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.
For further information, please contact: PR_Global@infosys.com