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| TCS dedicated centre for financial |
| S. Ramadorai (left), Managing Director and CEO, Tata Consultancy Services, with N. G. Subramaniam, President, TCS Financial Solutions
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| INDIA
, 7-August-2007
2:1:43 AM |
| Tata Consultancy Services (TCS) has added a new management team for its new TCS Financial Solutions (TCS-FS) entity, with some heading offices in the U.K. and Australia. The recent acquisitions in Australia and Switzerland would enhance the necessary infrastructure.
“TCS-FS will be a product-focused company for the banking, financial services and insurance (BFSI) sectors, which together contributed 40 per cent of our total revenues in the last quarter and generated $170 million sales last fiscal. We anticipate a growth of around 66 per cent this year; the first quarter revenues were $53.7 million,” S. Ramadorai, CEO and Managing Director, TCS, told reporters here on Monday. A dedicated centre for this division has been set up in Bangalore with a headcount of 2,500 specialists and 500 to be added this year, he added.
Explaining the background for creating the division, he said the company’s BFSI sector products were aimed at both larger banks and smaller ones, looking to scale up through customised solutions and back-up from specialists. Among the new top management appointees are: Robert U. Mullen as Head of Global Services, who has worked with IBM, and Dennis Roman in London, who was earlier with HP and i-flex.
N. G. Subramaniam, President, TCS-FS, said, “Our products like TCS BaNCS are being implemented in Bank of China and State Bank of India and other clients in the past included Deutsche Bank and ABN-AMRO and the National Stock Exchange and the Reserve Bank of India, with different sets of products. The current offerings will cover a broad spectrum of applications ranging from core banking to capital markets and brokerage services. TCS itself had BFSI customers in 80 countries and the new division should do well with customers in Asia-Pacific and Latin America, besides Europe and the U.S. We are targeting customers in emerging markets who want to leapfrog technology to improve their margins”.
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