Targets business transformation through new generation core banking
Cairo, Egypt/Bangalore, India.March 23, 2005 Infosys Technologies Limited (NASDAQ: INFY) announced today that Bank of Alexandria, a leading bank in Egypt, has signed up for Finacle, its universal banking solution. Finacle will power the bank’s core banking, e-banking, CRM, wealth management, financial management, asset-liability management and loan origination requirements and will be deployed across its 200+ branches.
Bank of Alexandria has embarked on a comprehensive business transformation initiative. The key objective of this transformation initiative is to create a clear differentiation in the Egyptian banking market with better, more personalized customer service, greater customer convenience, innovative products and services, higher efficiency and lower cost of operations, and technology enabled aggressive growth. This is a technology driven transformation initiative, with Finacle at its heart. Finacle is represented in Egypt by BSD, an Infosys business alliance partner, which will play a key role in the implementation project.
Speaking on this occasion, Mr. Mahmoud Abdel Latif, Chairman, Bank of Alexandria said, “It has been our endeavour to realign our business objectives to the aggressively changing financial markets by using technology as the key driver. We are delighted to partner with Infosys in this initiative to deploy their Finacle solution at our bank. Finacle is well known as a robust and scalable solution and is supported by a strong implementation track record. These are critical requirements to support our business objectives.”
Mr. M Haragopal, Vice President & Global Head – Professional Services, Finacle, Infosys Technologies said, “It is our pleasure and honour that Bank of Alexandria, which is among the largest retail banks in Egypt, has chosen Finacle. We see ourselves as their trusted long term technology partner, as the bank charts its ambitious growth and transformation plans. Middle East and Africa are very important markets for us, where we have been making significant and rapid progress over the last few years. In the region, as elsewhere in the world, Finacle with its unparalleled scalability, tremendous flexibility, new generation SoA based architecture, impeccable implementation track record and Infosys predictability, has today emerged as the Lowest Risk alternative for retail and universal banks looking for core banking replacement.”
About Bank of Alexandria (BoA)
Bank of Alexandria (BoA) is one of the premier public sector banks and the third largest bank in Egypt in terms of branch network and asset size. The bank has one of the largest retail networks in Egypt including upwards of 200 branches, with a large number of new branches currently being established. BoA is a major player in the financing of the public sector, especially the large industrial companies and manufacturing complexes, and is a major issuer of Trade Finance instruments. The bank offers both retail and corporate banking services, in addition to providing private banking services, with a view of expanding these services in the future. The bank is also one of the leading Underwriters of Bond issues and a lead manager in Syndications in the market. During the past 45 years the bank has continued to grow and prosper, consistently retaining its position as one of the dominant financial institutions in Egypt.
About Finacle Universal Banking Solution
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of universal, retail, corporate, community and private banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class. For more information, visit www.edgeverve.com/finacle.
About Infosys Technologies Ltd. (NASDAQ: INFY):
Infosys Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT enabled business solutions. These provide our customers strategic differentiation and operational superiority, thereby increasing business competitiveness. Each solution is delivered with a high degree of time and cost predictability that ensures peace of mind. With Infosys, you get a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that the company pioneered. For more information, visit www.infosys.com.