Islamic operation, Amlak Finance. Long-standing, Malaysia-based supplier, Silverlake Axis, won the day with SIBS. It was also overlooked in 2007 by Islamic Bank of Asia, the Shari’ah-compliant subsidiary of existing client, DBS in Singapore, which opted for the Flexcube solution from Oracle FSS. Other losses in recent years have come at Mawarid Finance in UAE (to Infopro) and at Egyptian Saudi Finance Bank (to Misys). However, a major breakthrough came in 2007 when Emirates Bank signed a contract to deploy the Finacle universal banking solution across its branches in Saudi Arabia and Britain and at the 18-branch pan-UAE Emirates Islamic Bank. The latter took the vendor’s Islamic assets and liabilities package. Finacle then became the focus for Emirates NBD, after this was created through the merger between Emirates Bank and National Bank of Dubai, with the project still including Islamic banking, with this now extended across the expanded group. Emirates NBD was live with the latest version of Finacle by mid-2009. There was also some speculation during 2010 that Emirates Bank International in Saudi Arabia, part of Emirates NBD, was considering upgrading its core banking system and had a keen interest in Infosys’ solution as well as Path’s iMAL. However, thishad not materialised by 2013. A notable loss for Infosys in terms of its Islamic banking ambitions came in late 2010 at Bahraini Saudi Bank (BSB). It had selected Finacle in 2007 and used the solution for conventional banking activities. However, BSB’s acquisition by Al Salam Bank Bahrain in 2009 led to its conversion to an Islamic bank and the decision to move all customers from Finacle to Al Salam’s Temenos solution. Infosys also lost out when existing user, Bank Dhofar in Oman, opted for Path in 2012 for its new Islamic off-shoot, Maisarah Islamic Bank. Oman-based banks had been decreed by the country’s authorities to fully separate their conventional and Shari’ah-compliant activities so there were a number of tenders for dedicated Islamic core solutions floating there around this time. Infosys also bid at Bank Sohar in the country in 2012 but again lost out to Path. Neither 2010 nor 2011 contributed any new name Islamic signings to the Finacle user list, although 2012 saw Standard Bank Nigeria cut over to the solution. Outside of Islamic banking, Infosys initially seemed to make headway with some prime contracts, including ANZ, Co-operative Financial Services (CFS) and Raiffeisen. However, the latter two did not go to plan, CFS in particular, with the collapse of the project amidst wider crisis at the UK mutual. As for Raiffeisen, this bank
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reevaluated and redefined its IT strategy on an enterprise-wide scale, including the roles of its existing suppliers. For Infosys, this resulted in a significant downsizing of business with the bank, leaving only Raiffeisen in the Czech Republic and a direct subsidiary in the same country plus Zuno Bank in Slovakia on Finacle. There have been other problem projects too: there were one or two setbacks in central Europe, a false start at BBVA in Paraguay with a much wider project subsequently shelved, postponements at DBS in Singapore and Hong Kong, and the cancellation of a notable project at Union Bank of California. There were some losses in Nigeria on Infosys’ customer list following the nationalisation of eight of the country’s banks in 2009 and the subsequent conclusion by the Central Bank of Nigeria that these banks suffered from over-indebtedness, exposure to non-performing assets and corporate governance problems. Nonetheless, Infosys actually increased its overall new-name count in 2011. It gained four reasonably-sized institutions at home (not including the fairly numerous wins in the lower tiers of the Indian market), another deal for the international operations of an Indian bank, and two wins in the Philippines (with this country becoming something of a success story for Infosys in recent years), plus there were solitary gains in Jordan, Nigeria, Belgium (ING), Sri Lanka and central Europe. It has continued to plug away at the US market albeit with little success (a failed acquisition at US vendor, Open Solutions – which went to Fiserv – and a missed deal at Zions Bancorporation following the aforementioned loss of Union Bank of California) but there was good news from Russia in 2012. Efforts were reinvigorated to implement Finacle at the country’s banking heavyweight, Uralsib, following seven years of numerous management and project team changes on all sides. The Finacle roll-out across Standard Bank’s non- domestic operations in Africa also appeared to be progressing well, whilst in Turkey, T-Bank went live with Finacle in mid-2013 after a two year deployment, representing the vendor’s first success in the country.
Recent activity
2012 wins came at National Bank for Agriculture and Rural Development (Nabard), the regulator of India’s co-operative banking
sector, Philippines-based mid-tier universal banking
player, RobinsonsBank, as a replacement for Silverlake’s SIBS, Bunna International Bank in Ethiopia, State Bank of Mauritius,
Islamic Report
www.ibsintelligence.com
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