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PRESS RELEASE
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Mumbai, May 04, 2009: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading IT services, business solutions and outsourcing organization, announced today that TCS BaNCS Core Banking deployed in Yuanta Bank has become fully operational. This is the fourth bank that has chosen and executed TCS BaNCS engagements in Taiwan. TCS Financial Solutions partnered with IBM Global Services - the System Integrator on this project. This implementation was characterized by a flawless execution that enabled the bank to go-live both on schedule and within the project budget.
Ms Hsiu Mei Chen, Information Technology Department Head, Yuanta Bank said “When we signed up TCS BaNCS Core Banking as our choice platform we had embarked on a modernization program with ambitious deadlines. We are delighted to go-live on schedule, and without any budget overflow. There was a certain assurance and confidence that was demonstrated throughout the transition process by TCS Financial Solutions.”
Speaking on the occasion, N. Ganapathy Subramaniam, President, TCS Financial Solutions said, “TCS BaNCS Core Banking offered Yuanta Bank the unique combination of an award winning solution providing extra-ordinary flexibility of deployment. As a result, such customers are all but assured to avoid delays or cost escalations. We are happy to support Yuanta Bank as they pursue new customer acquisition and engagement programs.”
“Throughout this project, we found TCS personnel to be sharply focused on the client, and offering creative solutions” said Patrick Hsu, Managing Consultant - IBM Global Services. “Our partnership with TCS Financial Solutions was fruitful and productive; the Client was pleased with our combined effort in this transformation process”
About Yuanta Bank
Yuanta Commercial Bank Co., Ltd. (hereinafter referred to as “the Bank”), previously known as Fuhwa Commercial Bank Co., was licensed by the Ministry of Finance in January 1992 when it launched as Asia Pacific Commercial Bank and commenced operations in February 1992. Under Taiwan's Financial Holding Company Law, the Bank became a wholly owned subsidiary of Yuanta Financial Holding Co., Ltd. in April, 2007 through stock transfer, and renamed to Yuanta Commercial Bank Co., Ltd. on September 2007.
Since inception, the Bank's belief and continuous efforts in “Honesty, Stability, Service, Innovation and Philanthropy” have cultivated a long-term success in the growth of the business. The Bank began with only seven branches in Taiwan. Since becoming part of Fuhwa Financial Holding Co., Ltd. at the end of 2002, the Bank grew to have thirty-seven business locations in Taiwan and one representative office in HHong Kong SAR. Through tireless efforts in expanding business and improving customer relationship, the Bank acquired four cooperative banks throughout the years. Currently, the total capital of the Bank is NT$ 18 billion. At the end of 2006, the Bank had more than 2,800 employees and seventy branches in major metropolitan and rural areas.
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 BαNCS. Our mission is to provide best of breed solutions that drive growth, reduce costs, mitigate risk and offer faster speed to market for our clients. With a global customer base of more than 240+ 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, 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 143,000 of the world's best trained IT consultants in 47 countries. The company generated consolidated revenues of US $6 billion for fiscal year ended 31 March 2009 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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