Friday, December 30, 2005

Outsourcing Increase Creates 41,000 New Jobs in Philippines

According to the Commission on Information and Communications Technology (CICT), ICT-related services have created around 41,000 new jobs in the Philippines in the first nine months of 2005. The figure is around 95 percent of the total employment opportunities generated in the ICT sector in 2005.

The Philippine ICT industry has witnessed significant growth on the back of increasing outsourcing and BPO opportunities. The country’s outsourcing industry offers services in the field of BPO, medical transcription, and animation and software development.

Thursday, December 08, 2005

HSBC Opens New $31M Service Center in Sri Lanka

HSBC, the London headquartered financial services provider, has launched a new USD 31 million service center in Colombo, Sri Lanka. HSBC has, reportedly, selected Sri Lanka for its sound infrastructure and quality of local work force.

The new service center is the latest addition to 11 service centers that HSBC has set-up across five countries. The new unit will provide CRM services for HSBC operations in the UK and the US and will commence operations with 1,326 staff, but may expand to employ 3,000 employees. Presently, Sri Lanka has around 30 CRM service operators and the total BPO revenues of the country is estimated to be worth USD 100 million.

Thursday, December 01, 2005

Wachovia Corp. (NYSE: WB) and Genpact today jointly announced that the companies have signed an agreement for Genpact to establish an offshore operation to support Wachovia's business process outsourcing efforts.
The seven-year arrangement will provide Wachovia access to Genpact's global operations and initially will be located in India. Terms of the agreement were not disclosed.

"We're pleased to partner with Genpact, which has a proven track record in business process improvement," said Peter Sidebottom, director of corporate development and strategic initiatives at Wachovia Corporation. "Over the past year, Wachovia has made several decisions to outsource work to domestic and global partners who share our commitment to high quality and customer service excellence. We believe that establishing a presence in India with Genpact will improve productivity for our company and enable us to explore overseas growth opportunities. This relationship with Genpact will allow us to work with a company that has extensive experience in global operations and tap into expertise that will drive process improvement at our company."

"This agreement, which marks a major milestone in our growth andevolution, is a testimony to our process excellence and operating depth,especially in financial services. We look forward to working with Wachovia tohelp drive continuous improvement and productivity for the bank," said PramodBhasin, Genpact president and chief executive officer.

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