The Hindu Business Line : ICRA ties up with BPO vendor — Investment research input to overseas banks

Mr Vivek Kulkarni, Chairman and CEO, B2K Corp Pvt Ltd (left), and Mr P. K. Choudhury, Managing Director, ICRA, at a joint press conference in Bangalore on Monday. - - G. R. N. Somashekar

Bangalore , July 12

CREDIT rating agency ICRA has signed a pact with business process outsourcing vendor B2K Corp to offer investment research to foreign investment banks, stock exchanges and other financial intermediaries, which need to cope with increased regulations tracking the Sarbanes Oxley Act, top company officials have said.

The service, branded Brickwork, will be a joint initiative of the partners wherein ICRA will use B2K's premises, sales channels in the US as well as some of its processes and will offer high-value added research to the clients, the Chairman and CEO of B2K, Mr Vivek Kulkarni, said. "ICRA's brand name is important to recruit quality people," he added.

"This joint initiative will help ICRA electronically deliver products and increase our geographical presence," the ICRA Managing Director, Mr P.K. Choudhury, said.

Though Brickwork is currently not a corporate entity, "things may move in a definite direction" going forward, he added.

Both the companies will target American, European and Australian markets to start with. Brickwork will also seek business from captive BPO units of several large foreign investment banks that have set up shop in the country to gain the benefits of labour arbitrage.

"We are in the market" to seek work from Goldman Sachs and Merrill Lynch as a third-party vendor, Mr Kulkarni said.

Ownership of projects will be decided by the clients and the nature of assignments, Mr Choudhury said. Depending on the assignment, people from both the companies will be deployed to handle the projects.

ICRA has developed skills targeted at the US investment banking sector and B2K has conceptual algorithms, which could be worked upon as business in Brickwork flows in, the company officials said.

Brickwork plans to offer sector research, industry analysis, fixed income, equity and credit research. It also aims to offer accounts receivables, payables and back-office processing to help clients implement Sarbanes Oxley internal controls.

More Stories on : Alliances & Joint Ventures | Outsourcing | Credit Rating

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