UBS plans to invest $65 M in India

By siliconindia   |   Thursday, 05 July 2007, 19:30 IST
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Hyderabad: UBS, a banking and financial services firm on Wednesday said that they plan to invest $65 million in an India service centre and creation of a business continuity facility in Hyderabad. The company maintained that they invested about $50 million last fiscal. According to Clive Standish, CFO, UBS AG, "The pace of growth at what is our first group wide service centre has been remarkable and it is proposed to add about 750 people during the year to further strengthen the nature and scope of business engagement." Standish said that UBS India Service Centre compliments the existing hybrid offshoring and outsourcing model for operations around the world including initiatives such as the outsourcing of IT development work in India and China as well as plans to open an additional service centre in Poland in 2008. In this context, Vipul Khanna, CEO of UBS Ag said that the nature and scope of engagement of this centre is set to increase from providing business process outsourcing work to knowledge process outsourcing, wherein a lot of work related to business analytics has been added. Third-party vendors handle most of the IT application development work of UBS. So it is now proposed to take up strategic IT application development work at the Hyderabad centre. While a small business continuity centre is operational at the new facility, the second phase of the project set for completion next year, would serve as a business continuity centre, said Khanna. "With corporate earnings reflecting more than 30 per cent growth and buoyancy, we expect India presenting immense opportunities both through helping companies in their organic growth but also in the process of mergers and acquisitions," said Standish. UBS also announced the acquisition of the Asset Management arm of Standard Chartered Mutual Fund business in India.

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