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Federal Bank, which is in the process of formation of a wholly owned subsidiary company, has executed MOU with Infopark Kakkanad for leasing space in their campus.
The Bank has already obtained in principle approval of the Reserve Bank of India for the creation of a subsidiary company. The proposed company will integrate and handle all the back-end operations of the Bank.
This move towards having a distinct and exclusive outfit for back-end activities is a stride is in line with the practice of progressive financial institutions.
Shalini Warrier, Chief Operating Officer, Federal Bank exchanged MOU with Hrishikesh Nair CEO, Infopark, for leasing over 12,000 sq ft space in Infopark to house the company.
Speaking on occasion, Shalini Warrier said that the new subsidiary company will provide innovative high-quality operational activities for Federal Bank, which in turn will help customers around the world. This will align with our theme of “Digital at the Fore and Human at the Core” concept. Being located in Infopark in Kakkanad, the subsidiary company will be able to take full advantage of the world class facilities available in these premises, she said.
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