SBI And TCS - Banking On Technology
Tata Consultancy Services (TCS) and the State Bank of India (SBI) have announced a joint venture. Through this collaboration, the two institutions intend to provide advanced technology solutions and domain consulting for the banking and financial services sector.
The joint venture will have an authorized capital of Rs40 crore and will be known as C-Edge Technologies Ltd upon incorporation. With equal participation on the board of directors, the JV will have equity participation from TCS and SBI in the ratio of 51:49 respectively.
In his comment on the joint initiative, S. Ramadorai, CEO and Managing Director of TCS said, “This is the first major collaboration between two world-class Banking and Technology behemoths and will reinforce TCS’ articulated strategy of becoming a full services player and growing our dominant position in the global BFS domain. SBI and TCS have a long tradition of working well together and this relationship will now on focus on developing cutting edge financial technologies.”
C-Edge Technologies will focus on developing high-value niche assets and solutions by leveraging domain and technology capabilities of the two parent companies. These new assets will complement and leverage TCS’ comprehensive suite of banking assets.
TCS has recently acquired FNS, an Australian banking solutions provider company, and hopes to deploy FNS products in the role of a preferred systems integrator and leverage the experience of both organizations in core-banking roll-out in the State Bank group through this joint effort.
“Globalization brings new opportunities and this JV is a logical extension to fully utilize the Bank’s capabilities, which can serve the State Bank Group as well as other BFS entities worldwide,” said A K. Purwar, Chairman of SBI.
“The State Bank group has excellent banking technology professionals and this venture with our long-standing technology partner, TCS, will help provide them with a platform to exploit their domain knowledge to create exciting new solutions and add great value to the new firm’s implementation capabilities,” said Purwar.
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