Finacle from Infosys Completes Phase 1 of Implementation in Stroyvestbank, Subsidiary Structure of URALSIB BANK

Moscow, London, Bangalore – March 03, 2008: URALSIB Financial Corporation and Infosys announced today that the Russian version of Finacle core banking, CRM and treasury solutions have been successfully tested in the phase 1 implementation at Stroyvestbank, Kaliningrad, which is a subsidiary structure of URALSIB BANK. The solution had been tested across the following functional areas: customer information registration, retail and corporate accounts, term deposits, loan origination and support, cash operations, payment system functioning and treasury operations.
URALSIB and Infosys teams have successfully demonstrated the potential of leveraging a ‘centralized core banking system’ to make customer service more effective and adopt banking best practices. The solution shall enable the bank to manage the challenges of scale, unifying processes and standards of different business lines.

“We are delighted to see Finacle successfully completing phase 1 of the technology led business transformation journey of URALSIB”, said Haragopal M, Vice President & Business Head, – Finacle, Infosys. “Russia is a strategic market for Finacle and we look forward to working closely with URALSIB as they progress on this transformation and leverage technology to stay ahead in the market.”

“From the start of our alliance, we were convinced about our joint ability to develop a localized solution. A project of this magnitude requires substantial attention and investments from both the parties. Partnership relations between the Bank and Infosys considerably contribute to the realization of our common intentions”, says Lyudmila Shabalkina, CEO & First Deputy of Chairman of the Board, URALSIB Bank.

URALSIB BANK was formed in 2005 as a result of integration of the business lines of five banks – NIKoil IBG, AVTOBANK-NIKoil, URALSIB, Bryansky Narodny Bank and Kuzbassugol Bank. The new bank had not only consolidated the assets, branches and clients of the five banks, but the decision has been taken to provide a common platform for technology across the entire merged entities as well. A key focus was adoption of a unified technology engine to power growth and innovation in the marketplace.

“At URALSIB we have embarked on a technology-led business transformation journey in compliance with our own growth strategy which implies broad development of our sales network, says Andrey Donskih, Chairman of the Board, URALSIB Bank. – “We are confident about strengthening our leadership position in the national banking industry”.

Implementation of Finacle universal banking solution at URALSIB BANK will continue. The near-term plan of the project team is to carry out the lessons-learnt analysis and to incorporate the new legislative requirements into the system. The go-live in the Bank’s central office, Moscow, has been planned for 2008.

About URALSIB Financial Corporation

URALSIB is a multi-trend structure, successfully developing its investment, commercial, insurance and retail banking business trends. The corporation offers its customers a broad range of products and services. The corporation’s integrated network has now become nationwide and has over 1,100 points of sale all over Russia.

The URALSIB BANK ranks No. 4-5 in Russia’s largest banks ratings. The URALSIB BANK regional network has around 580 sales offices all over the country. The Banks offices currently operate on the principles of financial supermarkets offering a wide range of up-to-date financial products and services, which include without limitation to general deposits, retail loans, mortgage lending, car loans, investment services, insurance products and schemes, and it also gives opportunities to take part in pooled investment.

In actual fact the Bank operates based on “one stop shopping principle”, the same being used by all the specialized mortgage lending centers opened by URALSIB in the largest cities in the country. These centers offer people the consultation services of real-estate agents, lawyers, insurers and bank personnel in general at one single location, letting them choose the most favorable lending scheme and formalize the loan, the priority one being the Federal mortgage lending program (scheme), which grants mortgage loans in 36 regions of Russia.

For companies of real sector of economy URALSIB BANK offers different financial product packages insuring their intensive growth and giving extra stability. The packages include general loans and leasing, creation of closed investment funds, property investment and factoring, as well as services in the market of corporate borrowing and public offering of shares. Such a complex approach in URALSIB interaction with its customers is especially effective in the regions of the country.

About Finacle Universal Banking solution

Finacle from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, corporate and universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks that come with such large scale transformation.

Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**. For more information, visit www.edgeverve.com/finacle

About Infosys Technologies Ltd

Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 80,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com

*Source: “The Forrester Wave: Retail Banking Platforms, Q4 2006”, Forrester Research, Inc., November 2006
**Source: Gartner, Inc. “Magic Quadrant for International Retail Core Banking, 2006” Don Free, 25 January 2007
The Magic Quadrant is copyrighted 25 January 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

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Statements in connection with this release may include forward-looking statements within the meaning of US Securities laws intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31 2007 and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.

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