Online edition of India's National Newspaper
Wednesday, Jul 20, 2005
Online edition of India's National Newspaper Wednesday, Jul 20, 2005 |
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Special Correspondent
CHENNAI: Polaris Software Lab has inked a memorandum of understanding (MoU) with Bank of Overseas Chinese of Taiwan for a multi-million dollar deal to facilitate a technology-led transformation of the bank. Polaris Financial group of Taiwan (not linked by ownership to Polaris Software Lab) acquired Bank of Overseas Chinese in March this year. The bank has 59 branches and around 1,900 employees. According to Arun Jain, Chairman of Polaris Software Lab, the bank had picked the company's product Intellect Suite to be the core platform to drive the transformation. Mr. Jain said the deal size could be $5 million to $10 million. He expected the product to be deployed in a phased manner over an 18-month timeframe. Depending on the capability that Polaris Software was able to build in Bank of Overseas Chinese and the emerging relationship, the two could eventually explore jointly opportunities in China, he said.
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