HPB Croatia goes live with Finacle e-banking solution

Zagreb, London, Bangalore, May 21st 2007

Finacle from Infosys and Hrvatska Postanska Banka d.d. (HPB) announced today that Finacle e-Banking solution has gone live at HPB in Croatia. The solution, which went live in a remarkably short turnaround time, will accelerate the growth of HPB’s retail banking business and enhance its customer relationships across the country.

With Finacle e-banking solution being available in Croatian language and the payment module configured to Croatian law, HPB customers will be able to make enquiries and transactions in the local language through internet banking, which also include making payments to beneficiaries such as tax authorities and utility service providers.

Till recently, HPB, the largest state-owned bank in Croatia, serviced its clientele through postal offices and its branch network. With intent to target a younger, technology savvy customer base linked to its overall objective of providing a broader spectrum of retail banking services, HPB saw cutting edge internet banking offering as a key business imperative.

The bank wanted to maintain its competitive edge in the market and ensure that it adapted to changing customer requirements using the most innovative solutions available in the marketplace. After a comprehensive evaluation, HPB chose Finacle Universal Banking Solution to drive its technology-led transformation initiative. The immediate priority for the bank was internet banking. Following a rapid implementation of Finacle e-banking solution in less than six months, HPB is now able to provide its customers with a wide range of internet services.

‘The rapid implementation is a demonstration of the quality of the solution and the implementation team from Infosys,’ comments Sasa Stankovic, Senior Executive Director – Project Management Office in HPB. ‘Our existing environment needed a radical transformation in infrastructure to improve our performance and enhance our customer service. We are delighted that the team of experts from Infosys has enabled us to go live quickly on Finacle e-banking solution. Croatians have been at the forefront of adoption of new technologies such as e-banking and mobile banking and we are confident that our internet banking offering would be a very attractive proposition in the market”.

According to Haragopal M, Vice President & Global Head, Professional Services – Finacle, Infosys, ‘We are delighted to see Finacle e-banking successfully powering the aggressive retail banking focus at HPB. The region continues to be a key focus area for Infosys and we look forward to working closely with the bank as they expand their business rapidly and leverage technology to stay ahead in the market.”

The bank is expected to achieve another key milestone in its technology-led transformation journey when Finacle core banking solution is scheduled to go live later this year in October. Finacle core banking would be deployed in a phased manner at HPB as per the business priorities. By November 2007, key modules of Finacle core banking would be deployed across the branch network of HPB enabling the bank to offer innovative banking products and services efficiently. Further, Infosys would strengthen the treasury operations of the bank with the planned deployment of Finacle treasury solution by the end of 2007.

Finacle is a global player in the banking solutions space, with a customer base spread across 54 countries. The solution has a strong presence in Europe, Asia-Pacific, Middle East and Africa. Finacle differentiates itself through its new generation technology architecture and its strong implementation track record.

Finacle core banking solution has recently received recognition from top analysts including Gartner, Forrester and Celent. Gartner, Inc. has positioned Finacle in the Leader Quadrant in the recently released ‘2006 International Retail Core Banking Magic Quadrant’ report while Forrester featured Finacle as a leader in the Forrester Wave report – Retail Banking Platforms Q4 2006 (Nov 2006).

About Finacle Universal Banking Solution

Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging agile new generation technologies. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management 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. www.edgeverve.com/finacle

About Infosys Technologies Ltd. (NASDAQ: INFY)

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 69,000 employees in over 39 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com

About Hrvatska poštanska banka

The Bank was founded and registered as a joint stock company in 1991. Its head office is in Jurišiceva 4, Zagreb. The Bank operates on the national level through a network of six branches, and nineteen branch offices located in all major regional centres, and 174 ATMs. Thanks to a strategic partnership with the Croatian Post, the Bank is the market leader in payment transactions, using a network of 1,100 Post offices and over 1,400 installed EFT POS terminals.

The Bank operates as a “universal” bank serving corporate and individual clients and provides a range of financial products and services, including short-term and long-term financing, deposits and savings products in local and foreign currencies, domestic and foreign clearing payment operations, investment banking including asset management, brokerage services, custody and other banking services.

Through the network of its own branches and Post offices, the Bank has been recognized as a dominant financial service provider for retail customers on the entire territory of the Republic of Croatia while also supporting the Croatian economy, especially in the small and medium sized enterprise (SME) sector.

As a domestic bank and the only large bank that is majority state-controlled, the Bank ranks among Croatian banking leaders both by the total asset size of HRK 11.3 billion and by its share equity, placing it in the seventh position with a 3.7 % market share.

Safe Harbor:

Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2006. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

Press Contact

For further information, please contact:

Kelly Murray (for Infosys Finacle)
Golin-Harris
T: +44 (0) 20 7067 0470