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August 6, 2009

Bancolombia Chooses Finacle From Infosys

Enables the bank to transition part of its branch services using the Internet pushing and make it available anytime, anywhere

By CBR Staff Writer

Bancolombia has selected Finacle Universal Banking Solution from Infosys Technologies, to power its operations in Colombia and its international subsidiaries. Bancolombia has been on a major transformation drive to modernize its technology platform for future growth. As part of this transformation initiative, the bank followed a rigorous evaluation of leading global and regional banking technology providers.

With Finacle, the bank is expected to be able to consolidate its technology platforms across functions and geographies leveraging cost and, at the same time, acquiring flexibility and scalability to adapt to a fast changing and competitive environment. Infosys has claimed that Finacle core banking solution enables the bank to meet the challenges of managing change, competition, compliance and customer demands effectively.

Olga Botero Pelaez, vice president of Information Technology at Bancolombia, said: The long term strategy of Bancolombia is to maintain our leadership position by satisfying and building upon our large customer base while at the same time leverage cost optimization opportunities. Technology-led transformation is a key initiative to redefine the way we do business and serve our customers. Finacle will help increase our efficiency and strengthen our leadership position in the competitive Latin American banking industry.

Bancolombia, through its subsidiaries, provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, pension fund administration, and insurance services.

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