Mumbai, February 11, 2014: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions firm, today, announced that Qatar National Bank has gone live with the TCS BaNCS universal banking solution for custody. As part of its strategy to become a financial powerhouse, the bank has been deploying technology to roll out products at a fast clip. The project has gone live within the planned nine months and is expected to reinforce QNB’s growing stature not just as a regional bank but as an emerging global bank with local roots. The solution now supports QNB’s Custody, Securities Lending and Borrowing on Direct Investor Channels in Qatar.
QNB Group has steadily grown to be the largest bank in the Middle East and North Africa region and is by far the leading financial institution in the country with a market share exceeding 45% of banking sector assets. Commenting on the go-live, Adel Al Malki, General Manager, Group IT, said, “As the biggest bank in Qatar and the leading financial institution in the region, it is important that we provide quality solutions to our clients and customers. The introduction of TCS BaNCS deploys robust and proven technology that will benefit our diverse range of custody and securities lending and borrowing clients, and this will further enhance capabilities and delivery in this important area of our business.”
“With this go-live TCS BaNCS has further expanded its customer presence in the Middle East, said Ariketh Vasudevan, Head, TCS Financial Solutions, MEA. Today, more than 40 financial institutions use this platform as their preferred technology solution in the banking and capital markets segments.”
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 drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 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, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is 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 285,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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