Polaris Software Signs MoU With Sonali Bank, BCBL in Bangladesh to Form Financial Technology Company

By Polaris Software Lab Ltd., PRNE
Sunday, July 17, 2011

DHAKA, Bangladesh and CHENNAI, India, July 18, 2011 -

Polaris Software (POLS.BO), a leading global Financial
Technology Company, Sonali Bank Ltd., the largest Nationalized
Commercial Bank in Bangladesh and Bangladesh Commerce Bank Ltd.
(BCBL) today announced that they have chosen
Intellect[TM] Core Banking Solution (CBS) to replace
their existing solutions. To this effect the companies signed an
MoU to form a Joint Venture Company Sonali Polaris Financial
Technology Ltd
(SPFTL) where Polaris will hold a 51% stake in
the new company.

The end-to-end Intellect Core Banking Solution will allow the
bank to run a single application for all its different functions,
thereby facilitating easy operations for its customers.

As part of its transformational strategy, Sonali Bank wanted to
implement On-line Real Time Banking (ORTB) solutions in order to
achieve efficiency in operations and improve customer satisfaction
by ensuring better internal control and compliance. After extensive
due diligence and multiple deep dive sessions, Sonali Bank, lead
member of the consortium, chose Intellect CBS. BCBL too selected
Intellect CBS to architect their modernization & expansion
strategies, and both banks chose a unique model of creating a
Financial Technology company with Polaris to service their

Md Humayun Kabir, Managing Director & CEO, Sonali
, said, “Sonali Polaris FT Ltd., will herald a new
beginning in the Banking Technology segment of Bangladesh. Owing to
Polaris’ hands-on experience in implementing Financial Technology
solutions in both mature & dynamic markets to emerging markets
globally, we chose Intellect CBS, a completely SOA based solution
to help modernize the bank. SPFTL will benefit the banking sector
in Bangladesh as it will give them an opportunity to adopt new
banking technologies and practices with an assured local support

Speaking on the occasion, Arun Jain, Chairman & CEO,
Polaris Software,
said: “I admire the foresight of
Sonali Bank and BCBL to set up such an innovative business model,
which will enable Polaris to present its cutting edge solutions to
the emerging Bangladesh market. This innovative
‘Co-Creation Model’ has helped us transcend the
traditional vendor role allowing us to effectively partner with
local banks to offer highly efficient and flexible products and
services that will give our customers the competitive edge in the
FT space, and thereby drive their success in the future.”

For more info, contact:

Dwaipayan Deb: href="mailto:dwaipayan.d@polaris.co.in">dwaipayan.d@polaris.co.in


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