Shanghai Rural Commercial Bank selects TCS BaNCS Core Banking
Mumbai, March 24, 2011: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, business solutions and outsourcing firm, announced today that Shanghai Rural Commercial Bank has selected TCS BaNCS Core Banking solution to achieve a competitive advantage. Shanghai Rural Commercial Bank selected TCS BaNCS Core Banking to swiftly introduce new products in the market and efficiently manage transformation across all its business lines. TCS BaNCS Core Banking will cover the organization’s core banking, deposits, loans, payments and card modules.
Zhou Hengchang, CIO, Shanghai Rural Commercial Bank, stated, “We selected TCS BaNCS scalable core banking system due to its advanced open architecture and ability to reduce total cost of ownership. TCS also has a very experienced team of delivery experts based in the region. This core banking solution will assist our organization to enhance new product development, improve customer service levels and enhance market competitiveness.”
Bin Zhu, Greater China Head, TCS Financial Solutions, stated, “China’s retail banking market is experiencing exceptional growth. To remain competitive, Shanghai Rural Commercial Bank required a tried and trusted solution that could be implemented quickly and efficiently. We are delighted to welcome Shanghai Rural Commercial Bank into our global client community. TCS BaNCS’ award-winning core banking solution has a growing presence in China, Macau and Taiwan.”
About Shanghai Rural Commercial Bank
Shanghai Rural Commercial Bank (or “SRCB”) was established on August 25, 2005, which was reincorporated from Shanghai Rural Credit Cooperatives of more than 50 years history. At present, SRCB has registered capital of RMB 3.745 billion, established a business network of more than 300 outlets and employs more than 5,000 staff. Till the end of 2009, SRCB has achieved total assets of RMB 212.777 billion, total deposit balance of RMB 178.869 billion, total loan balance of RMB 118.615 billion and realized profit before provision of RMB 2.805 billion. According to the statistics provided by the British magazine “The Banker,” SRCB was ranked No 340th among the world’s top 1000 banks based on tier-1 capital, which was 74 positions higher than last year. Also, SRCB was ranked No 17th among all the selected Chinese banks. For further information, please refer to www.srcb.com.
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 customers. 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, 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™ (GNDM™), recognized as the benchmark of excellence in software development.
A part of the Tata group, India’s largest industrial conglomerate, TCS has over 186,500 of the world’s best-trained IT consultants in 42 countries. The company generated consolidated revenues of US $6.3 billion for fiscal year ended March 31, 2010 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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