Business Daily from THE HINDU group of publications
Thursday, Mar 22, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Mar 22, 2007 ePaper |
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Info-Tech
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Software Markets - Financial Services States - Andhra Pradesh Our Bureau
Hyderabad March 21 Wells Fargo, one of the largest integrated financial services providers with about $482 billion in assets under management, has announced the opening up of its technology development centre in India at Hyderabad. It gradually plans to ramp this up to about 400 people by the end of this year, while exploring the possibility of setting up a back office and is holding parleys for setting up a technology campus in Hyderabad. The Chief Minister, Dr Y.S. Rajasekhara Reddy, inaugurated their facility now operational at Raheja Mindspace and assured Wells Fargo of Government support for the campus.
DIVERSIFIED BUSINESS
The Managing Director of Wells Fargo India Solutions, Mr Aveek Mukherjee, said that the company employs over 1,58,000 team members globally across 6,000 stores (branches) and the Internet arm, www.wellsfargo.com, covering over 80 businesses. This centre is aimed at providing technical development work out of India. "We are not a bank but a technology company offering financial services. This reflects the importance of technology in the company's day-to-day operations," Mr Mukherjee said. "In terms of investments, we have not made much investments as of now and this could be about $5-6 million. But as we expand our operations to set up a back office centre and possibly campus, this could go up significantly," he added.
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