Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: NSEL), a leading global provider of integrated software products for banks and financial institutions, today announced that it has secured a landmark deal with Prudential plc's consumer finance business in Vietnam. This marks Nucleus Software's entry into Vietnam; further strengthening its leadership position in South East Asia.
Prudential Vietnam Finance Company Ltd. (Prudential Finance) is one of the leading international financial services companies in Vietnam's consumer finance sectors. Its consumer finance business provides Personal Loans, Home Loans, Sales Finance and other credit products to consumers in Vietnam.
Prudential Finance chose Nucleus' flagship product - FinnOne™ suite – to provide support on customer acquisition, lending & collections for consumer loans. FinnOne TM will enable Prudential Finance to support a differentiated customer experience through innovative product offerings, and seamless integration across channels for greater customer convenience. The system will allow the business to integrate the different touch-points in its supply chain for acquisition prospecting, pre-disbursal processing and loan booking.
Commenting on the selection, Kalidas Ghose, CEO of Prudential Finance, said, "Nucleus' track record and comprehensive portfolio of products will be a valued addition to our consumer finance operations. We are happy to partner with Nucleus in the dynamic Vietnam market and leverage their products and services in banking and financial services."
Vishnu R. Dusad, CEO & Managing Director, Nucleus Software Exports Limited, said, "We are proud to be associated with a prestigious client like Prudential Finance. This development is significant to us as it comes at a stage when there is an economic boom in Southeast Asia and we anticipate large-scale revolution in the financial industry. We are happy to partner with them in their endeavour to strengthen their lending operations and meet the challenges emerging from a rapidly evolving Vietnam market (with its population of over 85 million)."
About Prudential Vietnam Finance Company Ltd.:
Prudential plc is the leading life and pensions provider in the United Kingdom and also one of the largest international financial services company in the world. Riding on the successes in the life insurance and fund management industries in Vietnam, Prudential plc has set up a hundred-percent-foreign owned consumer finance business called Prudential Vietnam Finance Company Limited (Prudential Finance), becoming the first fully foreign-owned consumer finance company to be granted a license by the State Bank of Vietnam. Prudential Finance has launched its business in key geographic locations from October 9th, 2007.
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Recently Prudential Finance has obtained the approval from the State Bank of Vietnam to increase its charter capital from US dollar 7.5 million to US dollar 23.125 million according to Decision No 1144/QD-NHNN on May 23, 2008
About Nucleus Software Exports Limited:
Nucleus Software is a leading software powerhouse providing innovative and pioneering software solutions for Banks and Financial organizations globally. Nucleus Software offers a host of competitive IT solutions designed to support whole spectrum of business offerings across retail banking, corporate banking, cards and cash management. Nucleus Software is listed on the National Stock Exchange and Bombay Stock Exchange in India. www.nucleussoftware.com
Safe Harbor:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, our ability to successfully implement our strategy, our research and development efforts, changes in the value of the Rupee and other currency changes, intense competition in IT and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
Nucleus may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Board of India, Stock Exchange and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.