The Hindu Business Line : Firstsource to service Barclays’ credit card users

Mumbai, Feb. 8 Firstsource Solutions, the business process outsourcing company promoted by ICICI Bank, said it has signed an outsourcing partnership deal with Barclays PLC to take over and operate the latter’s credit card customer care services.

This deal will fetch Firstsource revenues of up to $ 80 million (Rs 320 crore) over five years, said a statement from the company.

The Indian company will take over the assets of Barclay’s service centre in Colorado Springs, managing and operating the centre to provide customer care and collections support to Barclay’s credit card holders.

Firstsource will now add 300 more employees to its base of 2,500 employees in the US scattered across a dozen centres, providing services to US companies in the financial services, telecom and healthcare industries.

Ananda Mukerji, MD & CEO of Firstsource, said, “For Barclays, Firstsource will apply best practices honed by years of collaboration with other major financial institutions to increase efficiency, productivity and customer satisfaction. For Firstsource, the addition of Barclays adds another top institution to our financial services practice.”

The potential of deals of this kind, where an Indian company takes over the back office assets of an overseas company, is gathering momentum, Mr Rajesh Subramaniam, CFO, Firstsource, told Business Line. In the next fiscal, the Barclay’s deal will bring incremental revenues to Firstsource in the proportion that a five year $-80 million dollar deal implies, he said.

Going ahead, the assets acquired could win more deals from Barclays itself, and even third party assignments, paving the way for further business opportunities, he said.

More Stories on : Outsourcing | Foreign Banks | Credit Cards & Debit Cards

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