Infosys’ Finacle to power Banco Continental de Panama operations across Central America

Finacle breaks into the growing Latin American market with this prestigious win

Bangalore, March 09, 2006 Infosys Technologies (NASDAQ:INFY) today announced that Banco Continental de Panama (BCP), a leading universal bank from Panama ranked among top 1000 banks globally by The Banker, has selected Finacle universal banking solution to power its operations across Central America. The bank will be investing approximately US $20 million over 2 years. Finacle will replace bank’s legacy core banking systems in Panama and other Central American countries. The bank will also deploy Finacle CRM, e-banking and alert solutions.

Announcing this at a joint press conference, Stanley Motta, Chairman, BCP said “We have initiated a process to modernize and redefine our operational system as well as the way we do business and serve our customers. The purpose is to increase our efficiency and strengthen our leadership position in the competitive global and local banking industry.”

As part of this transformation initiative, the bank embarked on a rigorous evaluation of various global and regional banking solution providers. “We chose Finacle as it symbolizes a proven new generation solution backed by Infosys, a strong partner with excellent delivery track record, ensuring the lowest risk to the bank in this challenging and strategic project. We are confident that in Finacle and Infosys, we have found the best combination to power our transformation initiative.” added Stanley Motta.

With the rollout of Finacle, the bank will be able to consolidate its technology and operations platforms across the region. The bank will leverage Finacle’s integrated CRM functionality to empower its relationship managers and call center agents to streamline service requests and cross-sell its products and services to its customers. The solution will also enable the bank to offer enhanced web-based banking experience by adding new functionalities like EBPP and multi channel alerts through Finacle e-banking solution.

Speaking at the press conference, Merwin Fernandes, VP & Business Head- Finacle, Infosys Technologies said “This win is a significant breakthrough for Finacle and Infosys into the Spanish and Latin American markets. LATAM is a key focus region for Finacle and we have made continuous investments in aligning the solution to the needs of the market. Our unique value proposition basedon minimizing risk and maximizing 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 49 countries. The solution has a strong presence in Asia-Pacific, Europe, Middle East and Africa. It differentiates itself through its new generation technology architecture and its strong implementation record. Finacle acts as the bank’s strategic IT partner in its transformation initiatives.

About Banco Continental De Panama

Banco Continental, a Panamanian privately held bank, with investment grade rating from Standard & Poors and Fitch Ratings, offers products and services for corporate, private and retail banking. The bank has 21 branches and 17 Loan Centers in the Republic of Panama and representative offices in Central America, Mexico and Colombia.

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

About Infosys Technologies Ltd. (NASDAQ: IN)

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

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Certain statements in this release concerning our future growth prospects are forward-looking statements, 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 fluctuations in earnings, our ability to manage growth, intense competition in IT 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, 2005 and our reports on Form 6-K. These filings are available at 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.