Istanbul, Bangalore, London, Los Angeles. July 20, 2010: Infosys Technologies Ltd. (Infosys), a world leader in consulting and information technology services and Turkland Bank (T-Bank) today announced that T-Bank, a successful niche bank in Turkey, has selected Finacle™, the universal banking solution from Infosys to strengthen operations across the home country. Infosys will implement Finacle™ core banking, CRM, e-banking and treasury solutions at T-Bank to drive the bank’s objective of product innovation, client-centricity and scalability for future growth.
T-Bank offers a wide range of corporate, private and retail banking services to Turkey’s extensive small and medium size enterprises. To fulfill its aggressive growth objective, the bank intends to leverage global banking practices on a new age technology platform to gain a competitive edge.
According to Dincer Alpman, Chief Executive Officer, T-Bank, “Our bank is pleased to have selected Finacle from Infosys, a globally well acclaimed and rich core banking product. We are also confident that this project will help Infosys build a much stronger presence and clientele in the Turkish market.” Ilhan Zeki Koroglu, Chief Operations & Information Officer, T-Bank said, “Our bank aims to accelerate product and channel innovation and streamline operations for future growth. Finacle’s state-of-the-art solution and Infosys’s excellent delivery track record were the key factors in this selection. We are confident that this partnership will provide our customers with a differentiated, world-class experience.”
T-Bank went through a detailed selection process for its ‘Project Future’ where the top global vendors were invited to participate. Cedar Consulting, a leading management consulting firm had managed this comprehensive evaluation process. According to V. Ramkumar, Global Head- Business Technology Practice, Cedar Management Consulting, “The system selection was focused to deliver on the strategic objectives of the bank and included evaluation across global solutions. This project will lead to one of the first full fledged core banking replacements in Turkey, making it a landmark in Turkey’s banking industry.”
With this success, Finacle continues its strong progress in the Turkish banking industry. Sanat Rao, Vice President and Worldwide Head Business Development and Alliances – Finacle, said, “We are delighted to partner with an innovative and growth-oriented institution like T-Bank. We are strongly committed to ensuring that T-Bank attains its twin business strategies of innovation and operational efficiency. Turkish banks have long harnessed the power of innovation to fuel future growth and Turkey is a strategically important country for Finacle.”
As a leader in banking transformation, Finacle™ has a global footprint across 65 countries and has been acknowledged among leaders in the core banking solution space by top analysts including Gartner and Forrester. Finacle™ has also been recognized through industry awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award, The Asian Banker IT Implementation Award and The Banking Technology Judge’s Special Award for “Innovative Use of IT”.
T-Bank owes its rapid growth and high performance achieved in the last three years to the strength and support of its shareholders. Arab Bank and BankMed, who own 50% and 41% respectively, have created a synergy that proved to be valuable for both T-Bank and its clients. T-Banks benefits from the well-developed correspondent banking network of its majority shareholders in the MENA region which enables the bank to further expand the scope of its services; while concurrently fostering sound relationships with leading global banks.
Specializing in the commercial business sector with a growing focus on small and medium-sized enterprises (SMEs) banking services, T-Bank is one of the fastest growing niche banks in the SME sector. The implementation of T-Bank’s growth strategy in the SME market has been greatly facilitated by the expansion of branch network to 27 locations and the corresponding increase in employees; currently at 500.
The bank also offers a comprehensive range of services to suit the banking needs of a diverse customer base; including treasury, cash management, investment, and trade finance. Personal banking services are also available for the managers and shareholders of T-Bank’s corporate clients and affluent customers alike.
With a paid in capital of YTL 170 million, T-Bank is one of the most adequately capitalized banks in the sector.
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 proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-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
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 113,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.
Infosys Technologies Ltd – Safe Harbor
Statements in connection with this release concerning our future growth prospects are forward-looking statements within the meaning of U.S. 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, 2010, 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.
About Cedar Management Consulting (Cedar)
Cedar is a global management consulting firm. With over 20 years of experience, Cedar has assisted more than 800 clients across industry sectors in the formulation of their strategy for the growth and transformation of their business. Winner of the 2010, BME Industry Award for The Best Advisory Firm, the company’s heritage in the Balanced Scorecard has enabled rapid implementation of strategy across their customer, process, organizational and business technology framework. Headquartered in the US, Cedar has a network of offices in 15 locations, worldwide. For more information, please visit www.cedar-consulting.com
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