Polaris Financial Technology shines on implementing Intellect CBS in Sonali Bank

16 May 2013

Polaris Financial Technology is currently trading at Rs. 101.70, up by 4.50 points or 4.63% from its previous closing of Rs. 97.20 on the BSE.

The scrip opened at Rs. 101.10 and has touched a high and low of Rs. 105.45 and Rs. 100.20 respectively. So far 84,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 147.30 on 20-Sep-2012 and a 52 week low of Rs. 96.10 on 14-May-2013.

Last one week high and low of the scrip stood at Rs. 107.00 and Rs. 96.10 respectively. The current market cap of the company is Rs. 1,011 crore.

The promoters holding in the company stood at 29.14% while Institutions and Non-Institutions held 29.66% and 41.21% respectively.

Polaris Financial Technology has declared that Sonali Bank, the largest state owned commercial bank in Bangladesh has gone live with Polaris’ state-of-the-art Intellect Core Banking Solution (CBS). Sonali Bank, Bangladesh Commerce Bank (BCBL) and Polaris Financial Technology had earlier signed a memorandum of understanding (MoU) to form a joint venture company (JVC), Sonali Polaris FT (SPFTL).

Driven by the Central Bank directive, this local partnership in Bangladesh’s financial sector would enable the banks to move towards next generation transformational banking technology for more efficient banking.

Sonali Bank required customization, delivery, installation, implementation and maintenance of fully centralized online real time banking (ORTB) system as well as migration of data and training to the bank’s employees on ORTB in all its branches, subsidiaries and joint ventures around the globe. To this effect, the bank chose Polaris to positively impact as a key partner in this transformative exercise.

Sonali Bank is the largest state owned commercial bank in Bangladesh with 1,188 branches including 2 overseas branches at Kolkata and Siliguri in India.

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