MUMBAI, India, Feb. 4 /PRNewswire/ -- 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, said: "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, added:
"National Commercial Bank in Saudi Arabia is a multi award 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.
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 and 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 services
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
http://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 http://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 http://www.tcs.com.
SOURCE TCS Financial Solutions; Tata Consultancy Services
Global-India, +91 22 6750 9999, pradipta.bagchi@tcs.com, or USA-Canada,
+1-646-313-4594, m.mccabe@tcs.com, or APAC, +65 6372 4931,
vishwendra.v@tcs.com, or UK, +44 (0) 207 235 4613, Keith.Sharp@tcs.com, or
Europe, +44 (0)207 245 1388, Ross.Roy@tcs.com, or Latin America, +56 (2)
2511604, daniela.bertoglia@tcs.cl, all of Tata Consultancy Services; or APAC,
+61 (2) 9318 1088, alex.goldrick@tcs.com, or Europe-UK, +41 44 832 10 04,
patricia.gnehm@tcs.com, both of TCS Financial Solutions
