TCS, SBI Team to Provide Financial Services

TCS, the Indian IT consultancy and services provider, has announced the formation of a joint venture with the State Bank of India (SBI), a state owned banking and financial services company. The joint venture, to be known as C-Edge Technologies, aims to provide technology solutions and domain consulting to the banking and financial services sector.

While the equity participation from TCS and SBI will be in the ratio of 51:49, the entity will have an authorized capital of INR 400 million. The joint venture will leverage domain and technology capabilities of the two parent companies.
The announcement marks new step in TCS’ strategy to develop specialized banking and financial BPO services. Recently, TCS has acquired Comicrom, a Chilean BPO with major interests in pensions and banking sector, and FNS, an Australian banking products company. Also, in October 2005, TCS had entered into exclusive discussions with UK’s Pearl Group to takeover its pension business segment.