Infosys identifies Banking as key focus area in the Kingdom
Riyadh, May 8, 2004 Infosys Technologies Limited (Nasdaq: INFY) announced today that it had signed up with Arab National Bank (ANB) and indicated a strong 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, Infosys will provide the comprehensive solution to power ANB’s web based initiatives in the space of business e-banking.
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 with five clients, 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 its banking solutions in the Kingdom. Senior Vice President Girish G. Vaidya, who heads Infosys’ Banking Business Unit said, “Signing up with Arab National Bank is an important landmark for Infosys since it establishes a dominant place for Finacle’s business e-banking solution 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. We have also recently set up a proximity support center in Riyadh to cater to the support needs of our clients in the Kingdom and are confident that this move will further strengthen our existing relationships and help serve our clients better. Infosys 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 family worldwide, and look forward to a long and fruitful partnership with ANB.”
Mr.Nemeh Sabbagh, MD & CEO, Arab National Bank said, “ANB is happy to associate with a globally renowned IT solutions provider like Infosys. Infosys emerged as the best match for our e-banking initiative, both for its solution and its corporate credentials. Enhancing the current offering for the Business eBanking is in line with the growth strategy of ANB to continue it’s leadership position in the e-services space in the Kingdom”, Mr. Sabbagh added.
About Arab National Bank (ANB)
Arab National Bank (ANB) is one of the ten commercial banks in the Kingdom of Saudi Arabia. ANB was established in 1980 upon Saudisation of the six branches of Arab Bank of Jordan. The Arab Bank had been operating in the Kingdom for 30 years. The Bank has a network of 117 branches, including a London branch and 300+ ATMs. ANB has emerged as a leader within the Kingdom in exploiting technology to serve business needs and has pioneered initiatives such as internet banking in the Kingdom. More information, please visit www.anb.com.sa
About Infosys Technologies Ltd.
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.