The Bank plans to leverage Finacle to grow its customer base by differentiating its offerings and enhancing service experience.
Jordan, Bangalore – June 6, 2011: The Housing Bank for Trade & Finance (HBTF) and Infosys Technologies Ltd today announced that HBTF selected Finacle™ core banking solution to power the Bank’s innovation and customer experience–led growth agenda. Finacle™ will empower the Bank’s 112 home country branches with a unified, future-proof technology platform delivering all the benefits of Straight Through Processing and support for true 24X7 multi-channel and multi-currency transactions.
Built on new generation technology, Finacle™ will enable The Housing Bank for Trade & Finance to stay ahead of emerging customer demands with greater agility. Leveraging Finacle™, the Bank can accelerate innovation through the launch of personalized offerings, bundled products and enriched segment-specific portfolios. The unified 360 degree view of customers that Finacle™ will bring to the Bank’s relationship managers will help the Bank to institutionalize its retail and corporate client relationships and exponentially enhance its service experience.
According to HBTF`s Chairman, His Excellency Dr. Michel Marto, “Over the years, our customers’ goodwill has been a key driver of our leadership position in the market. To sustain this advantage, we need a robust technology infrastructure to relentlessly drive our product innovation and banking experience to greater heights. We selected Finacle™ for its rich functionality, proven flexibility and unmatched delivery track record. We are confident that this partnership with Finacle™ will enable us to delight and grow our customer base.”
As a leading full-fledged commercial bank in the region, The Housing Bank for Trade & Finance services clients with a wide and sophisticated spectrum of offerings. With aggressive plans to expand its distribution, the Bank will rely on Finacle ™ to facilitate the delivery of world class banking services as it grows its customer base in Jordan and the region.
Haragopal Mangipudi, Global Head – Finacle™, Infosys Technologies, said, “ Middle East & North Africa is a region of key focus for us and we continue to be committed to the needs of the market. We look forward to closely working with The Housing Bank for Trade and Finance in helping them to harness the power and flexibility of Finacle for business transformation.”
About The Housing Bank for Trade and Finance
The Housing Bank for Trade and Finance (HBTF) was established in 1973, and provides full commercial banking services. The Bank’s capital is USD (355) million, and shareholders’ equity is USD (1.444) billion. At the end of 2010, pre-tax profits rose 20% to USD 164.2 million, and assets increased to USD 9.422 billion.
HBTF expanded its branch network on a wide scale in the Hashemite Kingdom of Jordan so as to enhance its distribution channels to effectively reach out to citizens in all the Kingdom’s provinces. Then, the Bank sought to offer its services in Palestine, and the Kingdom of Bahrain.
At a later stage, HBTF established subsidiary banks in Algeria and Syria. In addition, the Bank opened representative offices in the UAE, Libya, and Iraq.
By the end of 2010, HBTF ranked first in the banking sector in Jordan in terms of its branch network (112) branches with a market share of (16%), ATM network (187 ATMs with a market share of 16%), saving accounts (USD 1.323 billion with a market share of 42%), and customer base (exceeding 707 thousand persons).
HBTF is the second largest bank in terms of assets, customers’ deposits, credit facilities, profits, and equity. The Bank in also, a leader in obtaining several international credit ratings, and winning of international honorships and awards.
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, mobile banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solution in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit www.edgeverve.com/finacle
About Infosys Technologies Ltd
Many of the world’s most successful organizations rely on the 130,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow’s enterprise.
For more information about Infosys (NASDAQ: INFY), visit www.infosys.com.
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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, fluctuations in foreign exchange rates, 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 or expiration 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, 2011 and on Form 6-K for the quarters ended June 30, 2010, September 30, 2010 and December 31, 2010.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.
For further information, please contact:
Infosys Press Office – Asia Pacific
Infosys Technologies Ltd, India
Housing Bank for Trade and Finance – Jordan
Marketing Center Manager