Finacle® to Power IDBI’s transformation into a Universal Bank

Bangalore, July 21 Close on the heels of IDBI receiving its license for commercial banking services, Infosys Technologies (NASDAQ: INFY) today announced that it has signed up with IDBI (Industrial Development Bank of India) to deploy Finacle® as the bank’s core banking platform. Finacle will be deployed across 101 locations by March 2005 and will power IDBI’s transformation from a development finance institution into a commercial banking entity.

IDBI was established in 1964 as a wholly owned subsidiary of the Reserve Bank of India. In view of the manifold increase in its activities and diverse responsibilities, the ownership of IDBI was transferred to Government of India in 1976 and it was made the principal financial institution for co-ordinating the activities of institutions engaged in financing, promotion or development of industry in the country as also for providing credit and other facilities for the development of industry. Later, in 1995, IDBI made its first public offering of equity shares, after the IDBI Act was amended in 1994 to permit public ownership up to 49% of its issued capital. Government of India’s shareholding in IDBI today stands at around 58%.

Announcing this, Merwin Fernandes, Vice President and Global Head-Sales and Marketing, Banking Business Unit, Infosys Technologies Ltd said, “IDBI is one of the highly reputed financial institutions in this country and we are delighted to welcome them to the large and growing Finacle family in India and globally. We are confident that Finacle will provide IDBI a world-class new generation technology solution that is highly scalable, proven, flexible and low risk; a solution that will enable IDBI to gain business agility and create competitive differentiation as they enter this new and exciting chapter in their growth and business transformation.”

NOTE: IDBI is different from IDBI Bank, which is also a customer of Finacle. For more information, please visit www.idbi.com.

About Finacle Universal Banking Solution

Finacle is the universal banking solution from Infosys designed to address the retail, corporate, community and private banking requirements of banks across the globe. Finacle has been designed and architected out of years of experience with some of the best and biggest banks across the world. This universal banking solution offers several powerful and differentiating features making it one of the most comprehensive, flexible and successful solutions in its class. (www.finacle.com)

About Infosys Technologies Ltd. (NASDAQ: INFY)

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.comwww.infosys.com

About IDBI

The Industrial Development Bank of India (IDBI) was established on July 1, 1964 as a wholly-owned subsidiary of the Reserve Bank of India (RBI – the Central Bank of the country) under an Act of Parliament. IDBI is a fundamentally strong, consistently profit-earning and dividend-paying organisation. The Bank continues to maintain a sound capital base as represented by the Capital Adequacy Ratio (CAR), based on the calculation of risk-weighted assets, as per RBI norms.

Infosys’ Finacle® wins ABN AMRO, UAE

First win in core banking space in the Middle East

Bangalore, July 15 Infosys Technologies Limited (NASDAQ:INFY) announced today that ABN AMRO Bank N.V. in UAE has signed up for Finacle, its universal banking solution. ABN AMRO has licensed Finacle core banking, consumer e-banking, multi-channel alerts and banking specialty CRM solutions for its operations across Dubai, Abu Dhabi and Sharjah in the United Arab Emirates. With this win, Finacle global footprint now extends to 98 banks in 38 countries.

Finacle will compliment ABN AMRO’s existing system ISAP that will be used for wholesale (corporate) clients. This is the fifth win for Finacle within the ABN AMRO family globally as part of the global preferential agreement signed with the bank for using Finacle in the consumer & commercial banking space. This also marks a key breakthrough for Finacle in the Middle East in the core banking space.

Narendra Gajria, Executive Director, ABN AMRO Bank N.V. said, “UAE is a key consumer banking market for us and deploying the right technology platform is critical to our strategy. We chose Finacle because we believe that it can make a difference to our customers in the UAE and offer an excellent electronic platform, which our clients will appreciate. The proven track record of Finacle across many countries within the ABN AMRO family and beyond, coupled with Infosys partnership provided us the added comfort.”

He further added,” We are confident that Finacle with its unique integrated CRM – multi-channel alerts – e-banking capabilities, will help us create a unified and unique customer experience and differentiate ourselves in the market. We now look forward to a quick and successful deployment of Finacle at the Bank to provide our customers the benefits of an integrated electronic banking platform and enable desktop banking.”

Merwin Fernandes, VP, Infosys and Global Head – Sales and Marketing, Banking Business Unit, Infosys Technologies said, “This is a strategic win for Finacle in the highly potential Middle East core banking market. Middle East is a strategic focus market for Finacle and Infosys has made significant investments in enhancing our product and delivery capability to cater to the unique business requirements of the region. With a regional office in UAE, additional support center in Saudi Arabia, 6 existing clients in the region (5 of them in Saudi Arabia), Finacle already has a strong presence in the Middle East. We are confident that this key win apart from helping us consolidate our presence and fast forward our market penetration in the region, will also enable us to further strengthen and deepen our global relationship with ABN AMRO.”

About Finacle Universal Banking Solution

Finacle is the universal banking solution from Infosys designed to address the retail, corporate, community and private banking requirements of banks across the globe. Finacle has been designed and architected out of years of experience with some of the best and biggest banks across the world. This universal banking solution offers several powerful and differentiating features making it one of the most comprehensive, flexible and successful solutions in its class. (www.finacle.com)

About Infosys Technologies Ltd. (NASDAQ: INFY)

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

About ABN AMRO (NASDAQ: ABN)

Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 639.9 bln (as at 31 March 2004). It has over 3,000 branches in more than 60 countries and territories, and has a staff of about 110,000 full-time equivalents worldwide. ABN AMRO is listed on the Euronext, London and New York stock exchanges.

ABN AMRO operates through three Strategic Business Units, each responsible for managing a distinct client segment. Wholesale Clients provides integrated corporate and investment banking services to corporate, institutional and public sector clients worldwide. Consumer & Commercial Clients focuses on retail and SME clients and Private Clients & Asset Management provides private banking services to wealthy clients and investment products to financial intermediaries and institutional clients. (www.abnamro.com).

Infosys’ Finacle® to replace mainframe based Systematics solution at one of the top Philippine Banks

Finacle to drive cost reductions and agile banking

Bangalore, July 06, 2004 Infosys Technologies Limited (NASDAQ:INFY) and Union Bank of the Philippines (UBP) today announced that they have signed a strategic partnership to revamp the bank’s core technology platform with Finacle, the universal banking solution from Infosys. Under the agreement, UBP will deploy Finacle across all its branches replacing its existing Mainframe based Core Banking solution. UBP is one of the top tier banks in the region to make this paradigm shift from a mainframe to an open systems environment.

Union Bank of the Philippines, among the top 10 banks in the Philippines, aims to be amongst the most preferred banks in the country, leveraging new-generation cutting edge technology to derive benefits through innovation and product differentiation and retain and expand its business and customer base.

On this occasion, Mr. Justo A Ortiz, Chairman and CEO, Union Bank of the Philippines said “Our bank clearly views this as a strategic initiative to address the bank’s new business requirements respond to market changes, enhance its customer experience and empower its employees. Finacle is at the heart of this technology driven transformation strategy of the bank.”

Commenting on this win, Mr. Girish G Vaidya, Senior VP and Head- Banking Business Unit, Infosys Technologies said, “We are delighted to partner with Union Bank of the Philippines. We believe that Finacle will help the bank achieve its vision of being an acknowledged leader in service, innovation and value. This strategic breakthrough will provide an excellent reference model for banks looking at replacing their legacy based, mainframe based solution with Finacle to achieve business agility with a lower TCO.”

About Infosys Technologies Ltd (NASDAQ: INFY):

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

About Finacle Universal Banking Solution

Finacle is the universal banking solution from Infosys designed to address the retail, corporate, community and private banking requirements of banks across the globe. Finacle has been designed and architected out of years of experience with some of the best and biggest banks across the world. This universal banking solution offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solution in its class. (www.finacle.com)

About UnionBank of the Philippines

UnionBank is a partnership among the Aboitiz Group, Insular Life and Social Security System. It started operations in 1981 and became a commercial bank by January 19, 1982. In July 1992, UnionBank was granted the license to operate as a universal bank. The bank acquired the International Corporate Bank (Interbank) in 1994. Among Philippine banks, UnionBank stands out for its strategy, execution and performance. While many banks went for size and market share via large balance sheets, UnionBank has followed a highly focused differentiation strategy that emphasizes innovation and service.

In 2002 & 2003, the bank was recognized as among Asia’s best companies by Euromoney and Finance Asia. UnionBank is also the country’s only bank to make it to the list of the world’s 25 soundest banks for four consecutive years by The Banker of London.