Bangalore, Delhi, India - February 24, 2010:
IT major Wipro Ltd, and leading public sector bank Punjab and Sind Bank (PSB) today announced that they have signed a 10-year contract for comprehensive IT outsourcing services for PSB. The contract was signed in Delhi in the presence of Sardar G.S.Vedi, Chairman & Managing Director, Punjab and Sind Bank and Anand Sankaran, Senior Vice President and Business Head, Wipro.
The partnership assumes significance in view of the Bank’s objective to become a Rs 100,000 crore bank by 2011 by increasing its branch networks and services. The strategic partnership is to enable centralized banking operations for PSB branches spread across the country. Through this partnership, the bank will be able to leverage technology to compete better and achieve operational excellence.
Wipro will be responsible for banking services, provisioning and management of Finacle core banking solution and enterprise applications. This would include 24*7 management of the entire underlying IT infrastructure covering computing platforms and networking. As part of the program, Wipro will also undertake commissioning and management of the Data Centre, the Disaster Recovery centre and Service and Support for the Bank. The solution is expected to completely transform the bank’s IT landscape in terms of improved agility for offering innovative banking services.
Speaking on the occasion, Sardar G.S.Vedi, Chairman & Managing Director, Punjab and Sind Bank said, “The vision of the Bank is to leverage technology to achieve business transformation. We are re-engineering our IT processes and applications to deliver superior quality of service and products to accelerate business growth and achieve operational excellence. We are delighted to partner with Wipro in this journey towards business excellence, given Wipro’s track record in the BFSI segment, leadership position in India and strong IT and people processes.“
Anand Sankaran, Senior Vice President and Business Head, India and Middle East, Wipro said, “It is our privilege to be associated with PSB as it embarks on its journey towards business excellence. Wipro’s Total Outsourcing Framework and strong program governance will ensure the application suite and the underlying infrastructure is aligned to PSB’s business needs. Coupled with our deep domain knowledge, over two decades experience in the IT space and knowledge of global best practices, we are confident PSB will set new standards in Banking services and Customer Relationship Management in the years to come.”
About Punjab and Sind Bank
Punjab and Sind Bank is a leading Public Sector bank with over 917 branches / extension counters spread across the country. Established in 1908 in Amritsar, it is today a strong and vibrant bank serving millions of customers across India. The Bank is targeting to become a Rs 100,000 crore bank by 2011 by increasing its branch networks and services. A survey conducted by KPMG in 2008 rated PSB as the Number One “Medium sized Best Banks in India”.
About Wipro Infotech
Wipro Infotech, a division of the US$5 billion Wipro Limited, provides enterprise customers with high value Information Technology Products, Software Services, Solutions and Consulting Services in India and the Middle East. Headquartered at Bangalore, Wipro Infotech serves customers in India through a network of 22 offices and 170 service locations across the country. It also has regional offices across the Middle East serving the region.
About Wipro Ltd
Wipro Limited provides comprehensive IT solutions and services, including banking services, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro also has profitable presence in niche market segments of consumer products and lighting. Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange.
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Wipro's forward looking and cautionary statements
Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, liability for damages on our service contracts, the success of the companies in which Wipro has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Wipro may, from time to time, make additional written and oral forward looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Wipro does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.
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