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Technology Stocks : Infosys Technologies Ltd. (Nasdaq:INFY)

INFY 17.82

-1.2%

Jan 9 9:30 AM EST

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To: ratan lal who wrote (13)	3/2/2000 9:19:00 PM
From: Mohan Marette	of 29

J&K Bank ties up with Infosys for Net banking (Mohan As expected. I sold INFY yesterday and it shot up 18 today. ratan) Ratan: man, I hate it when that happens. Oh well as they say 'you can't win them all' right? ============== George Smith Alexander MUMBAI, MARCH 2: Jammu & Kashmir Bank (J&K Bank) has tied up with software major Infosys Technologies for launching its Internet banking in the next three months. The bank plans to get into both business to business (B2B) and business to consumer (B2C) segments. The bank is also in the process of setting up anywhere banking facility by networking its ATMs. J&K Bank is also entering the capital market this month with a Rs 75-crore subordinated debt issue to shore up its Tier II capital. It plans to float an instrument of 5-7 year maturity. I-Sec, the investment banking arm of ICICI, will manage the issue carrying a greenshoe option of Rs 25 crore, J&K Bank chairman and chief executive officer MY Khan said. The bank has appointed a consultant to identify a partner for its entry into both life and general insurance businesses. The bank will launch an asset management company (AMC) to float a mutual fund subsidiary by April. According to company sources, the bank may tie up with one of the existing players in the market for its foray into the mutual fund sector. J&K Bank has also taken up computerisation of its 389 branches. "By March, 145 branches of the bank will be computerised which will cover 73 per cent of its business. By March 2001, we expect to computerise 200 branches covering 90 per cent of our business," Khan said. The bank is also expected to show a lower net non-performing assets (NPAs) of around three per cent from 3.79 per cent last year. -Indian Express Newspapers (Bombay) Ltd.

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