Bangalore & Ebene – May 15, 2017
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and MauBank, a leading bank in the Republic of Mauritius, today announced the bank’s successful adoption of Finacle’s Leasing Solution for its strategic leasing services business. MauBank’s leasing system will run on a single platform that enables higher operational efficiency, reduced costs and an enhanced banking experience for its customers.
The merger of Mauritius Post and Cooperative Bank (MPCB) and National Commercial Bank (NCB) in January 2016 created the new MauBank, which is powered by Infosys Finacle Solutions that includes Core Banking, Online Banking, Treasury and Alerts. Furthermore, NCB's subsidiary Mauritius Leasing Company, offering leasing products, was also integrated into MauBank and the Finacle Leasing Solution was chosen to replace its earlier legacy third-party platform.
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle:
"Simplifying the technology footprint is a critical step in renewing legacy systems and moving towards a truly digital banking experience. Following the merger, MauBank has been very progressive in its decision to consolidate and modernize its banking systems. The latest step towards a unified platform for their leasing services will ensure a sound technology foundation for the bank, enabling growth, profitability and a smarter banking experience for its customers."
Sayyad Khodabocus, Head - IT Applications, MauBank:
"MauBank is committed to being the most progressive and preferred bank in Mauritius. Our aim of ensuring world-class banking services along with industry leading growth, is tied to consolidating our operations on best of breed banking platforms. We believe the Finacle Leasing Solution will help us scale our leasing operations and boost productivity, thus positioning the service line as a key business driver."
MauBank Ltd started its operation on the 4th January 2016 following the merger of National Commercial Bank Ltd (NCB) with Mauritius Post and Cooperative Bank Ltd (MPCB). MauBank Ltd is held by MauBank Holdings Ltd which is itself a wholly state owned company.
MauBank operates Retail, SME and Corporate banking business locally and internationally for individuals and businesses. The Bank’s distribution network consists of 24 branches and 36 ATMs across Mauritius including internet banking to deliver proximity services to its customers. The bank also provides basic banking services across the post office network operated by Mauritius Post Ltd.
MauBank is an ideal platform offering a wide choice of financing, deposits and transactional facilities to meet personal, small & medium enterprise (SME), corporate, global business and retail banking requirements. The Bank has strong capabilities to build solutions around the needs of its customers through innovative banking products and services as a key differentiator. The Bank is providing dedicated and specialized SME banking solutions through 10 out of its 34 branches.
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation, and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries, and serves over 848 million consumers – estimated to be nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address core banking, online banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 banks in the world reveals that institutions powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully 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, 2016. 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. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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 unless it is required by law.
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