PCCW Solutions extends its capabilities in the banking and finance sector
PCCW Solutions, the IT services flagship of PCCW Limited, has reached an agreement with Avnet, Inc. to acquire the banking application business in China of the Vanda Group (“Vanda China”).
The transaction will complement PCCW Solutions’ offerings in the banking and financial sector with a strong solutions practice. Vanda China’s flagship software, VisionBanking Suite, is widely recognized as one of the leading banking applications in the China market. Its solution suite is a feature-rich mission critical core banking system capable of meeting the demanding requirements of China’s financial regulatory bodies. VisionBanking Suite covers a wide range of functionalities including Customer Management, Cash Management, Payment Systems, Credit Cards, Clearing and Settlement, Regulatory Reporting, Operational Risk Management, Business Intelligence, e-Banking and various Intermediary Services.
The VisionBanking Suite has gained extensive customer deployments with more than 100 installations, supporting a total of over 40,000 branches including an installation for a network of over 3,500 branches. More than 500 million accounts and over 150 million daily transactions are running on the VisionBanking Suite nationwide. Vanda China operates delivery centers in Beijing, Shanghai, Wuhan, Changchun, Guangzhou and Shenzhen. The delivery team is currently supporting businesses in over 20 provinces across China.
PCCW Solutions is a recognized leader in IT services with over 3,000 ICT professionals serving clients in systems integration, software development, and data center operation. PCCW Solutions has a strong track record in various sectors including the public sector with mission critical implementation of smart citizen identity system for the Hong Kong SAR Government; the telecom sector with nationwide deployment of ERP systems for China Mobile and China Unicom; and the finance sector for highly secure data center hosting for multinational banks. The acquisition of Vanda China will provide PCCW Solutions with software and strong domain expertise in China’s banking and finance sectors and paves the way for future growth in this sector.
Mr. George Fok, Managing Director of PCCW Solutions, said “We are very excited to have the Vanda China team with their award-winning core banking software expertise join us as we embark on our growth plan to provide a stronger portfolio of software solutions and services for our clients. We believe that the integration of the two teams will provide significant opportunities for us to leverage each other’s expertise and address the dynamic needs of our clients.”
The transaction will add a pool of approximately 350 professionals with banking and finance domain expertise to the PCCW Solutions team and expand its coverage from 4 offices to 7 in major cities in China.
The transaction is expected to be completed by the end of November 2012.
The transaction does not constitute a notifiable transaction of PCCW Limited under Chapter 14 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange.