Financial Daily from THE HINDU group of publications
Tuesday, Jun 11, 2002
Money & Banking
Info-Tech - Software
Union Bank joins hands with Wipro, Infosys
MUMBAI, June 10
UNION Bank of India has tied-up with Infosys and Wipro - the country's two software majors - for implementing its Rs 150-crore IT initiatives.
While Infosys will provide the core banking solution Wipro Infotech will be responsible for the end to end implementation and integration of the bank's centralised IT system.
Addressing a press conference here on Monday, Mr V. Leeladhar, Chairman and Managing Director, Union Bank, said that the bank had adopted a consortium approach through the appointment of several software companies, including Wipro and Infosys, for the bank's IT plan.
Over the next three years, the bank plans to spend around Rs 150 crore over its IT strategy, he said.
The solutions to be integrated by Wipro include Infosys for its core banking solution "Finacle'' and the its Internet banking product "BankAway'', the Chennai-based FSS for the ATM switch (Base 24), B.K. Solution, for telebanking systems and Sun Microsystems for the hardware. The bank proposes to roll out the core banking solution to around 20 branches in this calendar year and thereafter roll it out to other centres as well.
Union Bank is targeting 500 branches in 36 months and 1,000 branches in 60 months. The solution includes support of 200 ATMs, apart from other IT enabled products and services such as Internet banking and telebanking.
Said Mr N.R. Narayana Murthy, Chief Mentor, Infosys Technologies Ltd, "These are days of specialisation - while Wipro has tremendous experience in hardware, Infosys has the best software package.
Both Wipro and Infosys have been working as a team in several such projects for the past two years and we are at once fierce competitors and good collaborators.''
IPO in mid-July
WITH regard to Union Bank's IPO plans, Mr V. Leeladhar, CMD, Union Bank said that the bank plans to raise around Rs 300 crore with Rs 150 through premium.
"We will have our public offering sometime in mid-July with a premium of Rs 10.''
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