India's Tata Consultancy Services (TCS) is consolidating its financial software and services operations into a single unit led by N Ganapathy Subramaniam, the current head of its banking division.
TCS says its financial products business has been accelerating rapidly in the past few years and saw a 50% in revenues in the 2005-06 financial year to $102 million, while in the recent financial year 2006-07 the business grew 66% to $170 million.
The new unit, called TCS Financial Solutions, has a customer base of 214 financial institutions across 80 countries.
The division will house the Bancs product suite, which includes modules for anti-money laundering, CCRM, core banking, global custody, insurance, online trading, payments, private banking and wealth management.
The division will be headed by president Subramaniam and will have sales, support, product management offices based in New York, London, Zurich, Beijing, Sydney, Sao Paolo and Bangalore.
In a separate move TCS has bought out its Brazil-based technology services venture, TCS do Brasil, which was established in 2002.
TCS is paying JV partner Grupo TBA $33.4 million for the 49% stake it didn't already own in the division.