The Hindu Business Line : Wells Fargo to set up IT, BPO centre

Financial services major Wells Fargo, with an asset base of $482 billion, is set to locate its IT and Business Process Outsourcing Centre in Hyderabad.

A delegation from the US corporation had visited India in May and July 2006, and after evaluating various locations in the country, has decided to set up their centre in Hyderabad.

APInvest, the single-point interface for investors in the State, played a key role in helping the Wells Fargo management decide on Hyderabad for their back office-cum-technology centre, according to a statement from the Chief Minister's office.

Wells Fargo is one of the US' top 40 largest private employers in the areas of banking, insurance, investments, mortgage and consumer financial services, having over 1.53 lakh employees. It has a customer base of over 23 million and owns the third largest ATM network among banks.

As per indications from the Wells Fargo management, the Indian operations will commence by October 2006 with an intake of about 500-plus employees in the first phase.

More Stories on : Outsourcing | Financial Services | Andhra Pradesh

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