Mumbai, India. February 02, 2008: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets, today announced that long term client, National Commercial Bank, has awarded TCS Financial Solutions the contract to upgrade its Core Banking system.
Based in Jeddah, Saudi Arabia, National Commercial Bank is the largest Islamic bank in the region. To drive customer growth and enhance new product development initiatives, National Commercial Bank will be using TCS BaNCS latest release Core Banking, Deposits, Loans, Islamic Banking and Origination software. National Commercial Bank operates over 260 branches dedicated exclusively to Islamic Banking services. As part of the upgrade National Commercial Bank will also be implementing TCS BaNCS Internet banking and browser based front-end solution. National Commercial Bank operates 1,080 Automated Teller Machines and 8,227 Point-of-Sale systems. National Commercial Bank continues to manage a comprehensive array of alternative channels including Al-Ahli Telephone Banking, Al-Ahli Mobile Banking, Al-Ahli Online, Al-Ahli Trade, Al-Ahli Tadawul, and Al-Ahli International Brokerage.
Mr Taha Hussein, Head of Information Technology, National Commercial Bank, says: "National Commercial Bank selected TCS BaNCS Core Banking solution based on TCS Financial Solutions extensive Islamic banking and technology domain expertise, proven implementation skills and growing commitment to Saudi Arabia's banking and financial services market. Since 1992, the advanced functionality of TCS BaNCS Core Banking solution has provided National Commercial Bank with outstanding performance; it was a wise decision to upgrade with TCS BaNCS."
Mr. N. Ganapathy Subramaniam, President, TCS Financial Solutions, adds: "National Commerical Bank in Saudi Arabia is a multiaward winning bank that is one of the most highly respected financial institutions in the region. Over the years we have developed a strong, long-term partnership with National Commercial Bank that has assisted both companies to continue to drive innovation in Islamic banking. This Shari'ah compliant upgrade will certainly add strength to National Commercial Bank's Islamic banking market growth strategy."
Published in March 2007, International Banking Systems positioned TCS BaNCS Core Banking solution in the top position within the 2006 International Banking Systems Sales League Table for private and retail banking. In addition, TCS BaNCS Core Banking solution was recently ranked China's No. 1 Core Banking Solution in 2006 by Independent Research firm IDC, a leading provider of global IT market research.
As a Platinum sponsor of MEFTEC 2008, TCS Financial Solutions will be presenting its range of award winning business application solutions. A number of TCS BANCS solutions will be showcased and delegates will be able to learn how TCS Financial Solutions can assist financial institutions to drive customer growth and reduce total cost of ownership. If you're interested in learning more, please visit booth number V1 at MEFTEC.
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About National Commercial Bank, Saudi Arabia
The National Commercial Bank is the most prominent of Saudi banks and was the first bank established in Saudi Arabia in 1953. The NCB is the largest Bank in terms of capital in the Arab world. The bank's regular and non regular General Assembly held its meeting on March 26, 2007 approved the paid capital increase from SR 9,000 to SR 15,000 million (US$ 4000 million). This happened through the capitalization of SR 6,000 million from the general reserves by distributing two shares for every three shares.
The Bank operates a comprehensive array of alternative channels for services delivery such as Al-Ahli Telephone Banking, Al-Ahli Mobile Banking, Al-Ahli Online, Al-Ahli Trade, Al-Ahli Tadawul, Al-Ahli International Brokerage.
The bank is one of the pioneers in Islamic Banking since the beginning of the nineties by creating Islamic alternatives for many traditional service and products. The Bank is the biggest Financial Asset Manager in the Arab region and it is the first to offer Investment Funds in the Kingdom. The Bank manages the largest investment fund with Murabaha in the world which is the Murabaha fund with Saudi riyal. For more information visit the bank's website www.alahli.com/index.asp
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base in excess of 200 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information please visit www.tcs.com/bancs
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development.
A part of the Tata Group, India's largest industrial conglomerate, TCS has over 108,000 of the world's best trained IT consultants in 47 countries. The Company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March, 2007 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
TCS Media Contacts:
Global/India: pradipta.bagchi@tcs.com - Phone: +91 22 6750 9999
USA/Canada: m.mccabe@tcs.com - Phone: +1 646-313-4594
APAC: vishwendra.v@tcs.com - Phone: +65 6372 4931
UK: Keith.Sharp@tcs.com - Phone: +44 (0) 207 235 4613
Europe: Ross.Roy@tcs.com - Phone: +44 (0)207 245 1388
Latin America: daniela.bertoglia@tcs.cl - Phone: +56 (2) 2511604
TCS Financial Solutions Media Contacts:
APAC: alex.goldrick@tcs.com Phone: +61 (2) 9318 1088
Europe/UK: patricia.gnehm@tcs.com - Phone: +41 44 832 10 04
Press Release 2008
