Finacle From Infosys To Power Transformation At Raiffeisen International

Solution Deployment In Central & Eastern Europe To Drive Aggressive Growth

Vienna, Bangalore, London, January 14th, 2009: Infosys Technologies Ltd and Raiffeisen International Bank-Holding AG today announced that Raiffeisen International, the second-largest international banking group in Central and Eastern Europe (CEE), has selected Finacle from Infosys to standardize their technology platform and enable consolidation of operations across CEE. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG. As part of the agreement, Infosys shall implement version 10 of Finacle Universal Banking Solution across multiple countries in parallel. This will include deployment of Finacle core banking, CRM, e-banking, mobile, and alerts solutions.

In a fast changing business landscape, Raiffeisen International envisioned an opportunity to build upon its leading position in the CEE region. This region still continues to grow at a better pace despite the prevailing economic conditions across the world, and the bank sees retail banking as an important business segment now and in the future. To meet its development requirements, Raiffeisen required a highly scalable technology platform which could support faster product innovation and deliver a differentiated customer experience.

According to Mike Wood, Chief Information Officer, Raiffeisen International, “We selected Finacle 10 for its flexibility and transformational capabilities. We look forward to working with a leading global organisation like Infosys who shares our long-term vision for business and IT transformation across our network of businesses. Finacle will enable us to standardize our multi-country operations through a single platform and uniform processes to grow our business and provide world class products and services to our customers.”

As part of the evaluation process, the bank considered several solutions from other major providers before selecting Finacle from Infosys. The extensive selection process focused on acquiring a new generation platform to support the bank’s imperatives on scalability, faster innovation and time-to-market for business-related changes. While Raiffeisen International found the best fit in Finacle for these requirements, the group also plans to standardize processes and lower costs by leveraging Finacle.

Sanat Rao, Vice President and Worldwide Head, Finacle Sales, Infosys, said, “We are delighted to have signed this multi-country framework agreement with Raiffeisen International. This partnership also highlights our leadership position in banking transformation and Finacle’s powerful capabilities in fostering innovation, increasing productivity and meeting diverse customer needs. With clients such as BBVA, ANZ Bank, and now Raiffeisen International, Finacle has proved its dominance in multi-country deployment for large banks and we continue to help banks harmonize and standardize products and processes. Central and Eastern Europe is a market of strategic focus for Finacle and we look forward to closely working with Raiffeisen International to support their growth plans in the region.”

A leader in banking transformation, Finacle has a global footprint across 62 countries and has been acknowledged by top analysts including Gartner, Forrester and Celent among the leaders in the core banking solution space. Finacle is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award and The Asian Banker IT Implementation Award.

About Raiffeisen International

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets in Europe’s growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. 14.6 million customers are serviced in more than 3,100 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB), which owns more than two-thirds of the common stock. The remainder is in free float, the shares are listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.

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, and wealth management and CRM requirements of retail, corporate and universal 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

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 in over 39 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com.

Infosys Technologies Ltd – Safe Harbor

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.

Press Contact

For further information, please contact:

Infosys Press Office – Asia Pacific
Joya Ahluwalia
Infosys Technologies Ltd, India
+9180 41057527
Joya_Ahluwalia@infosys.com
Infosys Press Office – London
Shamima Begum
Golin Harris
+44 (0) 20 7067 0469
sbegum@golinharris.com
Raiffeisen International Bank-Holding AG
Michael Palzer
+43-1-71 707-2828
michael.palzer@ri.co.at