Business Daily from THE HINDU group of publications
Tuesday, May 29, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, May 29, 2007 ePaper |
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Info-Tech
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Software Money & Banking - Software
Our Bureau
New journey Financial products income rose 66 pc in 2006-07 New unit has 214 customers in 80 countries BFSI products segment added 700 employees last year
MR N.G. Subramaniam (left), President, TCS Financial Solutions, and Mr S. Mahalingam, CFO, Tata Consultancy Services, addressing a press meet in Mumbai on Monday. — Shashi Ashiwal
Mumbai May 28 TCS has consolidated its products services business into a new business unit called TCS Financial Solutions, which will function as a dedicated product company within TCS. TCS Financial Solutions will have a separate management team with Mr N.G. Subramaniam, Vice-President and Head (Banking Practice), heading it as President. The products offered from TCS Financial Solutions will be positioned under an umbrella brand called TCS BaNCS, Mr Subramaniam told newspersons. "The new initiative will ensure singular focus on design, development and marketing of financial services products and will bring a lot of transparency for our customers," he added. In 2006-07, revenues from TCS financial products went up by 66 per cent to $170 million (Rs 697 crore) from $102 million (Rs 418.2 crore). The new unit has a customer base of 214 financial institutions across 80 countries. It will have sales, support and product management offices based in Bangalore, New York, London and Zurich, Beijing, Sydney and Sao Paolo, according to a release. The company added 700 employees in 2006-07 in the BFSI products segment. "Given the robust order pipeline, we might look at adding up to 700 people in the current fiscal as well," Mr Subramaniam added. On Monday, the TCS scrip lost 0.4 per cent to close at Rs 1,224.85 on the BSE.
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