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Chennai: Tata Consultancy Services (TCS), Asia’s largest global software and services consulting organisation, today announced that it has signed a project deal with City Union Bank Limited (CUB) for the implementation of Core Banking and Market Risk Solutions for the bank, which operates from 124 offices spread across seven states and two union territories. Under the agreement, TCS will provide QUARTZ®-based Core Banking Software solution to CUB. It marks a significant milestone for TCS, as this is the first time that a QUARTZ®-based Core Retail solution is being made available to the Indian market. It is a turnkey assignment wherein TCS will not only supply application software, but also assist the bank in setting up the hardware and system software. TCS will have CMC as its partner for the networking of CUB branches. This technology initiative will involve an investment in excess of Rs15 crore for the bank. Apart from providing QUARTZ®-based Core Banking Software, TCS will implement eBankWorks, its well-known Internet Banking Solution, and Almity, the asset and Liability Management Solution. The QUARTZ®-eBankWorks combination will strengthen and enhance the banks reach to its customers. TCS’ state-of-the-art market risk management solution Almity will give necessary decision support to the bank for managing interest rates and currency risks. The successful implementation of the project will enable CUB to implement any-branch-banking. The pilot branch is expected to go operational by June 2003. In the first phase, the bank plans to bring 20 branches under the umbrella. The bank plans to complete networking of all branches by the middle of 2005. TCS Core Banking Solution will significantly improve the banks customer service and MIS systems. “CUB is happy to associate with TCS in the implementation of QUARTZ®-based retail banking solution for the first time in India. Implementation of QUARTZ® will help increase our market share by bringing more corporate customers to our fold. CUB plans to add 30 ATMs in a couple of years and QUARTZ® will make the task easier. CUB, with its experience gained from the in-house developed banking solution will add value to QUARTZ®,” said V Narayanan, chairman, City Union Bank Ltd. Speaking on the occasion, S Ramadorai, CEO, Tata Consultancy Services, said: "We deem this engagement with City Union Bank as a phenomenal opportunity for Tata Consultancy Services and view it as an endorsement of TCS commitment to offer world-class end-to-end IT consulting and software solutions to the Indian market. We are looking forward to contributing to the growth of CUB by leveraging our vast experience in working with more than 50 banks in India and abroad, exposure to international banking practices, system integration capabilities and program management of large projects." About Tata Consultancy Services Tata Consultancy Services (TCS), a division of Tata Sons Limited, is Asia's largest global software solutions and consulting services enterprise. With over 20,000 professionals working at over 100 branches in 31 countries and five continents, the company has over 1,000 global clients including six of the US Fortune 10 companies. Its clients include companies such as AIG, Boeing, Citibank, Dell Computer Corporation, General Electric, Hewlett-Packard, Kelloggs, Lucent Technologies and Nike among others. TCS has 15 Global Development Centres assessed at SEI-CMM Level 5 the highest number in the world. TCS has established the Tata Research Development and Design Centre (TRDDC) in Pune, Maharashtra, dedicated to software research and development, and the only one of its kind in Asia. For more information please visit the company’s website www.tcs.com . About City Union Bank The Tamil Nadu-based City Union Bank, one of the oldest banks in the private sector, has a tradition of trustworthy banking. The bank, which has a longstanding commitment to banking values, will be celebrating its centenary in the year 2004. City Union Bank operates from 124 offices spread over seven states and two union territories in India. Eighty of its branches are fully computerised, and the computerised branches handle 85 per cent of the total business. The deposits of the bank stood at Rs2,162.67 crore and advances stood at Rs1,174.33 crore as on November 30, 2002. The bank has posted a net profit of Rs14.53 crore for the half-year ended with September 30, 2002. The bank has a consistent dividend record and for the year 2001-02, a dividend of 40 per cent was declared. CUB has a well spread-out correspondent banking arrangements, including 43 overseas correspondent banks. With a staff strength of 1,358 employees trained in CUB's own training college, CUB offers its customers impeccable service. Other than commercial banking, CUB offers excellent International banking services for clients with export/import interests. About QUARTZ® QUARTZ® is essentially an integrated software package realised as a collection of proven architectural and business components for banks and financial institutions. Solutions have been delivered to traditional banks, Internet banks, brokerage/securities houses, asset managers and central banks across the globe using QUARTZ®. Its advanced design and technology supports operations in multi-currency, multilingual, multi-company and multi-branch environments. Its component-based architecture enables easy integration with external applications, supports multiple delivery channels, and retains the flexibility to add new delivery channels as technology evolves. QUARTZ® makes it possible to automate largely, front, back and middle-office functions, and it may also be implemented as an outsourced solution in small- and middle-size banks. |
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