Published Date: December 06, 2005
Infosys’ solution to power Centurion Bank of Punjab’s aggressive growth plans
Mumbai, December 06, 2005 Infosys Technologies (NASDAQ: INFY) today announced that Centurion Bank of Punjab has selected Finacle to power its technology led business transformation initiative in the light of its recent merger. The Bank will replace its current system, Equation from Misys, and deploy Finacle core banking, e-banking and CRM solutions as the unified technology platform for the merged entity. Centurion Bank recently announced its merger with Bank of Punjab to become Centurion Bank of Punjab. Bank of Punjab has been a Finacle client since its inception.
Announcing this at a press conference, Anil Jaggia, Chief Operating Officer, Centurion Bank of Punjab said, “With our recent merger, we were looking for a solution that can support our aggressive growth plans, quickly create a unified banking platform for the merged bank and help launch innovative products with faster time to market. Bank of Punjab’s experience with Finacle and their track record with several leading banks in India and globally was a key determinant for us in selecting Finacle.”
The win further consolidates Finacle’s leadership position amongst Indian banks. Out of 18 banks who have opted for core banking solution in the last 3 years, 12 banks have selected Finacle to power their business transformation initiative, an indication of how Finacle has emerged as the solution of choice in the core banking solution space.
Merwin Fernandes, V.P. and Business Head – Finacle, Infosys Technologies said, “We are happy to partner with Centurion Bank of Punjab as they embark on this journey to grow and differentiate. Finacle, with its new generation services-based BPM-enabled architecture, unparalleled flexibility and scalability and a solid base in its home market, is now well poised to seize the initiative in the rapidly opening core banking solution space globally, especially in the legacy replacement space among global Tier I and Tier II banks. Our unique value proposition based on minimizing the risk and maximizing the opportunity for our clients is emerging as a key differentiator globally.”
Finacle is a global player in the packaged banking solutions space, with a customer base across 47 countries. Finacle has a strong presence in Asia-Pacific, Europe, Middle East and Africa. The solution differentiates itself through its new generation technology architecture and a strong implementation track record. Finacle acts as the bank’s strategic IT partner in its transformation initiatives.
Centurion Bank of Punjab is a new generation private sector bank offering a wide spectrum of retail and corporate banking products and services. It holds leadership positions in retail two-wheeler loans and commercial vehicle loans. It has been among the earliest banks to offer a technology-enabled customer interface that provides easy access and superior customer service. A globally experienced management team is in place, including Mr. Rana Talwar as the Chairman of the Board of Directors and Mr. Shailendra Bhandari as the Managing Director. In addition to being listed on the major Indian stock exchanges, the Bank’s shares are also listed on the Luxembourg Stock Exchange.
RBI has recently approved the merger between Centurion Bank and Bank of Punjab. The merged entity, named Centurion Bank of Punjab, has a strong nationwide franchise of 240 branches and extension counters and 386 ATM’s. With strengths in the retail, SME and agriculture businesses the bank is well poised to capture the opportunities that exist in the Indian market. The combined bank’s 3,500 employees will continue to provide support and an enhanced banking experience to our customers, as part of a bigger, stronger bank.
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.