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Head Office: 6th Floor, Akruti Centre Point, MIDC, Central Road Next to Marol Telephone Exchange, Andheri (East) Mumbai – 400093, India. Tel: +91 22 391 45700 Email: marketing@3i-infotech.com Other Offices: US, UK, Kenya, Saudi Arabia, UAE, Kazakhstan, Bahrain, India, China, Singapore, Malaysia, Thailand Website: www.3i-infotech.com Twitter: @3iInfotech Contact: Prathmesh Raje, corporate marketing, prathmesh.raje@3i-infotech.com Founded: 1993 Ownership: ICICI Group (ICICI Bank and ICICI Strategic Investments Fund) and 14 other banks own the majority of the shares


Number of staff: 9200 Funancials: Revenue for the year ending on 31 March 2017 was $148 million for an operating profit of $10.6 million as against revenue of $156 million for 2017 generating an operating profit of $10.8 million


by ICICI Infotech. The ICICI Group as a whole was founded in 1955 by the Indian government, the World Bank, and representatives from the Indian industrial sector. Its main remit was to facilitate the development of Indian industry through project financing. It gradually broadened its activities to span both corporate and retail banking. It was the first Indian company to be listed on the New York Stock Exchange. ICICI Limited established ICICI Bank and a number of other subsidiaries in areas such as housing finance, mutual funds, and bonds. It also later added a direct banking subsidiary, ICICI Direct, and an electronic bill payment and presentment entity, billjunction.com. The initial strategy of setting up lots of individual offshoots was largely for regulatory and tax reasons. However, all of the subsidiaries have been merged under the ICICI Bank branding, with the acquired Bank of Madura also part of this. Until 1999, the focus of the IT subsidiary had been more or


less exclusively on its own parent. The switch saw a flurry of acquisitions and a leap in headcount. The new parent brought both resources and an international network to Kastle. The company built up a strong US presence and small operations in Europe and Asia Pacific, plus partners in the Middle East and elsewhere. ICICI Infotech also sought to extend its product range, with a risk management offering added and work being carried out to come up with e-Kastle (a web-based version of the system) and m-Kastle (bringing support for mobile devices). In early 2002, ICICI entered into an agreement whereby it gained exclusive rights in India and Sri Lanka, and non-exclusive rights elsewhere, to a high-end retail banking system, Newton (rebranded as Kastle Core Banking), from Korea-based IMS. A few banks were recruited for this.


In terms of Kastle expanding from its domestic banking roots, the signing of Deutsche Bank in India in early 2001 was a step in the right direction, with the bank live in April and supposedly considering a wider use of the system. A first non-Indian user was gained in August 2001 in the form of Seylan Bank in Sri Lanka. This win was followed soon after by two in the Middle East, one for Kastle and the other for the Tangible factoring system, at RAK Bank and Emirates Bank respectively. In each case, as with Centurion Bank, the systems were taken to reside with Equation. Other deals in Sri Lanka followed and, in 2004, there was a first success in Abu Dhabi, from Abu Dhabi Investment Corporation. As part of its bid to make its presence felt further afield, two new offices were opened, in Thailand and, in 2005, in Kazakhstan. The supplier had made good progress in the latter country with its software at this time, gaining a clutch of wins in the region for Kastle Universal Lending (see below). However, by 2010, it emerged that, after a year and a half of effort, Temirbank had shelved its implementation and only two other banks in the region, Kazinvestbank and BTA Bank, had actually gone live with the solution. The asset liability management system, Pinnacle, was launched shortly after Kastle and went live at a number of domestic Indian banks plus the Indian operation of Bank of Bahrain and Kuwait. It is also live at a couple of sites in Sri Lanka, and at sites in Tanzania and Thailand. It supports a range of risk measurement activities, including gap analysis and mark-to-market. It has a standard gateway so can take data from a range of sources, including a bank’s general ledger and Kastle. A fair proportion of Kastle takers have the asset liability management product as well.


Islamic Report www.ibsintelligence.com 65


company details


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