TCS still a creditor to Iceland bank

Our Bureau Mumbai | Updated on March 10, 2011 Published on March 10, 2011

Tata Consultancy Services has said it continues to be a creditor to Iceland's Kaupthing Bank, which had filed for bankruptcy in 2008. The country's largest software exporter was offering some technology outsourcing services to the Reykjavík-based bank.

“TCS was providing some IT services for the bank when it filed for bankruptcy. We continue to be a party to the credit recovery process and look forward to a settlement of the issue. Our exposure to the bank sector in Iceland is not significant,” a TCS spokesperson said in a statement.

The TCS scrip was down by 1.52 per cent to close at Rs 1,108.3 on the Bombay Stock Exchange on Thursday.

Published on March 10, 2011
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