ITC Infotech India Ltd is working with Abbey National to establish an IT development presence in Bangalore, India. This will provide software development, maintenance, testing and support services. It is anticipated that there will be up to 100 skilled IT staff who will be managed on a day-to-day basis by ITC Infotech India Ltd. This capability will supplement IT software development activity undertaken in other locations including Milton Keynes, Belfast and Glasgow.

ITC Infotech India Ltd’s UK subsidiary has already been working closely with Abbey National for the past 18 months to supply software services and this proposal would extend the relationship. The facility will also provide Abbey National with the flexibility to meet its anticipated IT requirements and signals ITC’s intention to become a global IT solutions provider.

Backgrounder:

About ITC Infotech India Ltd:

ITC Infotech India Ltd is the wholly owned IT Services subsidiary of ITC Ltd.

ITC Infotech is an SEI CMM Level 5 software company. It has a Microsoft Centre of Excellence and SUN’s iForce alliance partnership. It also offers IBM Knowledge Management Practice as a part of its complete range of business-friendly services.

The Fraser Town campus of ITC Infotech also houses the company’s state-of-the-art Learning Centre and offers the latest Knowledge Management and Collaborative Commerce Practices. Dedicated development centres for ITC Infotech’s select global customers are also located on the premises.

About Abbey National:

Abbey National has a market capitalisation of £10.011 billion (as at 11 September 2002). Profit for the Group was £1,935 million for the 12 months to 31 December 2001.

Operating Income for the Group was £4,554 million for the 12 months to 31 December 2001. Abbey National currently has 756 branches in its Retail network.

Abbey National and its subsidiaries offer a comprehensive range of personal financial services, including savings and investments, mortgages, banking, pensions, unit trusts, life and general insurance products, as well as secured and unsecured lending. Whilst operating primarily in the UK, Abbey National has retail operations in France and Italy and offshore operations in Jersey, the Isle of Man, Gibraltar, Portugal, Hong Kong, and Dubai. In addition, Abbey National's wholesale banking arm (Abbey National Treasury Services plc) is a leading participant in the international financial markets.