Published Date: November 02, 2005
Finacle to Power Bank’s M&A Initiative and Aggressive Growth Plans
Bangalore, India; Lagos, Nigeria – November 2, 2005: Infosys Technologies (NASDAQ: INFY) today announced that United Bank for Africa (UBA), one of Africa’s largest banks, has selected Finacle universal banking solution for its business transformation initiative. UBA will deploy Finacle core banking, consumer and corporate e-banking, alerts, CRM and treasury solutions. With this win, Finacle now powers two of the top three banks in West Africa, in addition to several others and has further consolidated its position as a clear market leader in the Nigerian core banking market.
United Bank for Africa will consolidate its technology platform on Finacle following its recent merger with Standard Trust Bank, another Top 5 bank in Nigeria. The union is the first successful merger transaction in the history of the Nigerian banking sector and was born out of a desire to lead the sector to a new era of global relevance by raising service level in the industry to global standards, develop new products that would bring convenience to customers and support the development initiatives of the government of Nigeria. In its determination to continue to leverage on a robust IT infrastructure designed to achieve excellent service delivery to its growing clientele, UBA has chosen to partner with Finacle.
Announcing this today, Phillips Oduoza, Executive Director, Group Shared Services (GSS), United Bank for Africa, said, “Finacle’s proven track record with Nigerian banks was a key factor in our selection criteria. In the competitive and dynamic banking environment of Nigeria today, our bank requires a solution that can scale up to our growth plans and provide UBA the much-needed agility to create a clear differentiation in the market. We believe that Finacle possesses the powerful features of flexibility and scalability, providing us with a competitive advantage to stay ahead and provide new and improved products and services to delight our customers.”
“We are delighted to add another top Nigerian bank to our portfolio,” said Merwin Fernandes, Vice President and Business Head-Finacle, Infosys Technologies Limited. “In an M&A scenario, banks experience a sudden surge in volumes and face a critical challenge to seamlessly integrate diverse technological platforms. Finacle with its proven expertise on both counts is ideally suited to enable banks to meet these twin challenges, ” he added.
With this win, Finacle has further consolidated its market position in Africa, with a foot print extending to 9 countries across the continent.
Finacle is a global player in the packaged banking solutions space, with a customer base across 47 countries. Finacle has a strong presence in Asia-Pacific, Europe, Middle East and Africa. Finacle differentiates itself through its new generation technology architecture and a strong implementation record. Finacle acts as the bank’s strategic IT partner in its transformation initiatives
United Bank for Africa PLC (UBA) is the product of a merger of two of Nigeria’s top five banks, UBA and Standard Trust Bank Plc (STB). Today, consolidated UBA is largest financial services institution in sub- Saharan Africa (excluding South Africa) with a balance sheet size in excess of 400 billion naira (approx. US$3bn), and over two million active customer accounts. The consolidated UBA has a total of over 400 retail distribution outlets across the country. With a fully automated back office and front desk for loan processing, payments and transfers, the bank guarantees quick and efficient service as a spin-off of e-banking which facilitates its offering of internet banking, debit cards, e-payments, mobile banking and credit cards. UBA also has international presence in New York, Grand Cayman Island and aspires to expand within sub-Saharan Africa. For more information, please visit www.ubagroup.com.
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, corporate, community and private 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.
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 www.infosys.com