Infosys’ Finacle momentum accelerates in Europe with a strategic breakthrough in CEE

Zagreb / London / Bangalore - 14 September 2006

To power the transformation of HPB (Post Bank of Croatia)

Infosys Technologies (NASDAQ:INFY) today announced that the only large domestic bank in Croatia, Hrvatska Poštanska Banka (HPB), has selected Finacle Universal Banking Solution from Infosys to drive its technology-led transformation initiative. Finacle core banking solution will replace the bank’s legacy system and help strengthen the bank’s competitive position by enabling innovation, greater process efficiencies as well as by meeting the new regulatory requirements, including Basel II. HPB will also deploy the Finacle e-banking and treasury solutions.

Earlier the bank was using decentralized in-house legacy system which lacked a unified view and seamless real time integration capabilities. The system did not facilitate easy and quick launching of new products and services which is one of the crucial points of success in today’s competitive banking environment.

According to Mr Sasa Stankovic, Senior Executive Director - Project Management Office in HPB, “We have embarked on a technology-led transformation exercise to ensure that we fast pace the introduction of new and innovative products to delight our customers. We are further planning to scale up our operations leveraging the postal network and emerge as a front runner in the retail banking market. We realized the benefits of choosing Finacle Universal Banking Solution as our core technology platform, as it offers great flexibility, seamless real time integration and powerful Straight Through Processing (STP) capabilities leading to greater differentiation in the marketplace and efficiency in our operations. We are delighted to partner with Infosys, an organization with a proven delivery track record and chose Finacle, a solution which is seeing great demand and acceptance from the market place.”

Commenting on the win, Merwin Fernandes, VP & Business Head- Finacle, Infosys Technologies said, “This win is a significant breakthrough for Finacle into Croatian and CEE market and further consolidates our position in the fast growing Central and Eastern European region. We are delighted to partner with a bank like HPB which is aiming to take on bigger competition in the Croatian market. We are confident that with Finacle at the core of the business transformation, HPB would be able to achieve its objectives of greater operational efficiency, innovation and competitive superiority.”

Finacle is a global player in the packaged banking solutions space, with a customer base across 53 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 record.

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