MNC Banks Surges Captives Centres In India
July 4, 2012 Bangalore: Few years back in 2008 and 2009, some predicted the expiry of MNC captive centres in India, especially in the banking sector. Citigroup sold most of its captive centre business to Wipro and TCS, AIG to Mphasis, UBS to Cognizant, and Aviva to WNS.
But now the times have changed and you will find an ironical trend. Most captives, or offshore centres, of multinational banks are expanding their footprint in the nation; In addition, they are taking on complicated proprietary work. Citigroup that earlier sold is now again quickly strengthening its captive centre presence.
It has nearly 900 professionals working across its centres in, Bangalore, Chennai, Mumbai and Gurgaon, handling a host of critical, regular and sensitive projects for consumer banking, , risk management , transaction services and investment banking.
Abhijit Sen, Chief Financial Officer of Citi India, says the bank is now adding another set of business for controlling its custody services internationally. "We suggest to steadily expand our working in Mumbai due to the availability of high quality financial and quantitative talent pool," he said.
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