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CITIL shareholders okay name change

Our Bureau

BANGALORE March 7

THE shareholders of Citicorp Information Technology Industries Ltd (CITIL), a provider of software solutions for the financial and banking industry worldwide, have approved the change of name of CITIL to ``i-flex solutions ltd'' at an Extraordinary Gener al Meeting held at Mumbai on Monday.

The company shareholders have unanimously decided to adopt i-flex solutions limited as the new name, a press release said. The change in identity of the company coincides with the adoption of a new business model aimed at exploiting new market spaces. T he name i-flex is drawn from CITIL's core competencies in financial solutions, the release added.

Mr. Rajesh Hukku, Chairman of the company, said ``The future of any industry, including financial services, lies on the Internet. Our solution sets based on our capabilities and expertise in the vertical markets of banking and finance position us uniquel y to e-enable the financial expertise for meeting the dynamic new challenges of the Internet economy''.

Mr. R. Ravishankar, CEO, said, ``We have already established ourselves as industry leaders with our cutting edge solutions in areas such as mobile phone banking, Web TV banking and Internet banking. The name, i-flex solutions limited, captures our vision of the future of the financial services industry, and denotes our experience and global expertise in the market''.