CBSI To Form Joint Venture With RCBC For Information Technology Outsourcing Services.Business Editors FARMINGTON HILLS Far·ming·ton Hills A city of southeast Michigan, an industrial suburb of Detroit. Population: 81,400. , Mich.--(BUSINESS WIRE)--May 8, 2000 Rizal Commercial Banking Corporation The Rizal Commercial Banking Corporation (RCBC) was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. (RCBC RCBC Rizal Commercial Banking Corporation (Metro Manila, Philippines) RCBC Recycling Council of British Columbia (Canada) RCBC Reinforced Concrete Box Culvert (civil engineering) ), one of the top five banks in the Philippines The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. At present, there are seventeen universal banks, 23 commercial banks, 84 thrift banks, 711 rural banks, 44 credit unions and twelve and Complete Business Solutions, Inc. (Nasdaq:CBSI CBSI CUNA Brokerage Services, Inc. CBSI Cambodian Buddhist Society, Inc. (Silver Springs, Maryland) CBSI Certified Bridge Safety Inspector CBSI Custom Business Solutions, Inc. ) today announced their intention to form a joint venture to provide IT services to the banking and finance sector. As part of the agreement, the joint venture entity will offer the full range of IT and networking services initially for RCBC and later expand to serve other financial institutions. The joint venture will improve the efficiency of RCBC's existing IT operations as well as provide strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , including Internet/Intranet strategy and execution. "RCBC's existing IT department, with 160 employees and a current annual operational budget of approximately $12 million, will form the joint venture," said Tony Strange, CBSI's Country Manager for the Philippines. "As well as improving efficiency of the IT operations of RCBC, the joint venture will create an Internet presence for RCBC to give high net worth private and corporate customers access to comprehensive financial services." In addition to the RCBC IT operation, the current CBSI operation in the Philippines is anticipated to become part of the joint venture and will transform into a center of excellence for banking and financial services and solutions. "This is part of CBSI's strategy to become a global solutions provider and we are in the process of establishing two other similar joint ventures in the U.S., one in healthcare and the other in insurance," said Raj Vattikuti, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CBSI. "Our ability to take on engagements of this nature is one of the clear differentiating factors of CBSI, enabling us to lead the industry and stay ahead of our competition." "We are excited about this opportunity to expand our base of IT services and applaud CBSI for its flexibility and expertise in designing this unique initiative to serve our increasing IT needs," said Alfonso Yuchengco III, Vice Chairman of RCBC Bank. About RCBC With assets of almost 3 billion US Dollars, RCBC is one of the top five banks in the Philippines. RCBC is a part of the Yuchengco Group of companies, which also includes Malayan Insurance, the largest non-life insurance company in the Philippines, and Great Pacific Life Corporation, which is the 5th largest life insurance company in the Philippines. About CBSI CBSI is a worldwide provider of information technology (IT) services to large and mid-size organizations. The Company offers its customers a broad range of IT services, from advising customers on strategic technology plans to developing and implementing appropriate IT applications solutions. CBSI offers custom-tailored solutions based on an assessment of each client's needs. The Company's services include; e-business transformation services, consulting, large systems applications development and maintenance and packaged software implementation such as ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. . CBSI's Philippines operation achieved ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000 certification in November 1999 and CBSI achieved Level 5 quality ratings at offshore development centers in India in December 1999, one of very few companies worldwide to achieve this designation as set by the Software Engineering Institute's Capability Maturity Model. To learn more about CBSI, visit its website at www.cbsinc.com. |
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