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ITC Infotech signs offshore contract with Danske Bank
10 Aug 2006

To support IT division of Denmark's largest bank -

Bangalore : ITC Infotech, one of fastest growing Indian IT services providers with a revenue CAGR of 85 per cent over 5 years, today announced that it has signed an offshore sourcing contract with Danske Bank. The contract envisages a significant and growing business volume across several years to support Danske Bank's IT division as the Bank is expected to continue its growth and acquisition strategy. The contract was signed at Copenhagen on July 7. Danske Bank is the largest bank in Denmark and a leading player in the Scandinavian financial markets. ITC Infotech has won the Danske bank order against stiff competition from well known Indian and international IT services companies.

Sanjiv Puri, Managing Director, ITC Infotech, speaking about the Danske Bank deal said, "Danske floated the RFP in December 2005 and finally chose ITC Infotech from among 10 competitors. The key factors which led them to decide on ITC Infotech were our business model flexibility, sizeable presence in Europe, Banking & Financial Services domain knowledge, a demonstrated expertise in Global Delivery, robust processes and a proactive and customer focused attitude".

Linda Olsen, First Vice President, Danske Bank added, "Danske's vision is to establish a relationship with a supplier in a country with a growing, flexible and well-educated labour force, and with a business strategy that will complement its demands. The potential over some years might therefore very well be a sizeable overseas resource base". Olsen further added, "Danske's strategy for growth in the banking business is to acquire other banks in the international market and integrate and align them to its existing banking products and IT systems, which require significant scalability of our IT division. We expect our Indian development centre to help us achieve that goal".

The engagement will focus around development and support of Danske Bank's systems across Back Office and other banking applications. The Danske bank account is one of the largest ITC Infotech has won in Europe in this year, and reflects its aggressive growth plans for Europe. ITC Infotech is one of the fastest growing Indian IT companies in UK with an increasing presence in Western and Eastern Europe.

The Danske Bank Group serves 3.5 million retail customers and has a significant presence in the corporate, public and institutional sectors. In 2005, Danske Bank acquired Northern Bank in Northern Ireland and National Irish Bank in the Republic of Ireland. The Danske Bank Group has about 19,000 employees, including its insurance operations. For the year 2005, the assets under management for the bank were USD 415 billion and Profit before tax was USD 3.0 billion.