Infosys signs up Arab National Bank, its fifth Finacle client in Saudi Arabia
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."