Polaris Financial gains on installing Intellect CBS at Sonali Bank

16 May 2013

Polaris Financial Technology is currently trading at Rs 101.30, up by 4.10 points or 4.22% 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 101567 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 1017.96 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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