FRANKFURT, Germany, May 23, 2016 /PRNewswire/ --
Infosys and Commerzbank Will Establish a Domain-based Center of Competence
Infosys (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has won a five-year contract with Commerzbank, the second largest bank in Germany. As part of this agreement, Infosys will remodel the bank's investment banking IT architecture, optimize IT processes, and evaluate a potential Post-Trade Processing Utility. The Utility would then focus on the clustering of trade processing platforms across various product types.
The remodeling of its existing IT architecture provides an even closer alignment with the needs of its investment banking customers.
- Both partners will collaboratively establish a domain-based Center of Competence aligned to Commerzbank's business functions within its Corporates and Markets segment
- Reflecting the Design Thinking ethos, Infosys and Commerzbank will work towards creating a culture of continuous learning and education. Infosys will set-up an exclusive online and physical academy for Commerzbank to enable cross-skilling and continuous learning of both teams
- Infosys will also help contribute to further streamline the investment bank's IT architecture and consolidate existing systems and applications to service clients better
Stephan Müller, Group CIO, Commerzbank AG
"We are continuously developing the IT at Commerzbank, also on a strategic level, focusing on digitalization of our processes. The collaboration with technology experts is essential for us to stay ahead of the curve in our markets."
Mohit Joshi, President and Global Head for Financial Services, Infosys
"Financial institutions need every advantage in this hyper-competitive industry, and this partnership will be providing just that. Middle and back office utilities are the future of the financial services industry and this will be one of the first-of-its-kind. Commerzbank is benefitting from the renewal and simplification of its current IT landscape, developing new and radical technologies, and is pursuing new business models to compete better in an increasingly regulated market."
To learn more about how Infosys works with leading financial services organizations, please visit: http://www.infosys.com/industries/financial-services/.
Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets, and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services. Commerzbank finances more than 30 per cent of Germany's foreign trade and is the unchallenged leader in financing for SMEs. With its subsidiaries Comdirect and Poland's M Bank it owns two of the world's most innovative online banks. With 1,050 branches and more than 90 advisory centres for business customers, Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts more than 16 million private customers, as well as 1 million business and corporate clients. The Bank, which was founded in 1870, is represented at all the world's major stock exchanges. In 2015, it generated gross revenues of EUR 9.8 billion with 51,300 employees. As of December 31, 2015, its total assets amounted to EUR 533 billion.
About Infosys Ltd:
Infosys is a global leader in consulting, technology, outsourcing and next-generation services. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit http://www.infosys.com to see how Infosys (NYSE: INFY), with US$ 9.2 billion in LTM revenues and 193,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2015. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is January 14, 2016, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.