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Credit Lyonnais to make India data-processing hub

Baburajan K

Global banking giant Credit Lyonnais of France plans to bring its data processing activities spread across the Asia-Pacific region under one umbrella in India.

"We are planning to centralise our data processing in India, where cheap labour and quality software is available. We are in the process of identifying a suitable location for setting up the regional processing unit in the country," Credit Lyonnais executive vice-president (corporate and investment banking), Ravindra Kumar, said.

At present, Credit Lyonnais has processing operations in 8-10 countries in the Asia-Pacific region, including in China, Hong Kong, Singapore, Japan, Taiwan, Korea, among others. "Soon all processing will be done in India as it will become the regional hub," he added.

The proposed processing centre will be a back office, which offers services on the global accounting platform. All countries will be offered services from India, where Credit Lyonnais will have a uniform server and processors.

According to industry observers, centralisation of the processing unit in the banking industry is catching up in India. Many overseas banks with presence in the country have already taken some steps in this direction. For instance, Citibank has a centralised data processing unit.

The Credit Lyonnais group, which has presence in more than 60 countries, has also chalked out expansion plans in India. It will set up branches in Pune and Bangalore, adding to the present four branches in Bombay, Delhi, Ahmedabad and Madras. The new branches will come up within the next 8-18 months, Kumar said here on Tuesday.

Credit Lyonnais will also focus on cross border syndication, structured trade, structured treasury management, etc. It is also planning to increase its workforce in phases. Credit Lyonnais Bank has a manpower of more than 135.

It will also enhance its present offerings. The present offerings from Credit Lyonnais include corporate banking, trade finance, corporate advisory, forex and domestic treasury, risk management - forex and interest rate derivatives, capital markets, project finance, correspondent banking, deposits and private banking, etc.

Credit Lyonnais Securities Asia offers services in euro equity and convertibles, private placement, equities research and brokerage.

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