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|November 19, 1998||
SAP to wire ICICI
SAP India, a subsidiary of SAP AG, has signed up ICICI Limited, India's leading financial institution, for its enterprise solution.
Under the contract, ICICI will start with the implementation of core SAP R/3 modules for financial, controlling, asset management and enterprise consolidation.
The signing ceremony was attended by Dr Peter Zencke, executive board member, SAP AG and chairman, SAP Asia-Pacific, who is currently visiting India, and K V Kamath, CEO and MD, ICICI Limited.
Dr Zencke said "We congratulate ICICI for their vision in taking an enterprise-wide IT approach to move their business into the next millennium. The financial services industry is undergoing tremendous structural changes because of technological advances, deregulation, globalisation, the European Monetary Union, and consolidation. To be competitive, financial institutions need to have a flexible, customer-focused information technology infrastructure. With SAP, institutions like ICICI will be able to leverage technology to become world-class players and compete aggressively for the most attractive markets and best customers."
Kamath said, "The implementation of SAP will take ICICI further towards its mission of being the preferred brand for all financial products and services. A comprehensive solution of this nature will encompass all lines of businesses from project and corporate lending to banking to retail credit to securities and eventually to insurance, leading to business excellence."
KPMG India has been selected to partner with SAP India for implementation of the SAP business solution throughout ICICI operations using the TeamSAP approach.
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