Bank of America sets up BPO centre in Hyderabad

Srinivasa Rao Dasari / Hyderabad

Bank of America (BoA), the second largest US bank, has set up its business process outsourcing (BPO) centre in Hyderabad. For this, BoA has incorporated a subsidiary called Continuum Solutions to look after the operations of the BPO centre. This centre is likely to handle consumer, commercial, and corporate processing work.

“Bank of America has chosen Hyderabad after due diligence conducted proved that the city is a leader in information technology and business processing with availability of a large talent pool and low attrition rates. In addition, the city offers good infrastructure and strong government support. This strategy keeps Bank of America competitive in today’s global markets, enabling it to grow its business at home and overseas and improve financial and operational efficiency and quality for customers and shareholders alike. The headcount at the BPO centre will be 500 by December this year and will reach the 1,000-mark by June 2005. The centre will start operations by June of this year. We don’t see the centre handling voice-based activities in the near future. It will also work on reconciliation work for other banks in the US,” Rahul Samant, the managing director of BoA’s Global Delivery Centre and director of Continuum Solutions, told Express Computer.

Earlier, BoA had explored the possibility of setting up its BPO centre in six cities in the country and then chose Hyderabad for its global delivery centre. The attrition rates are lower in Hyderabad, as compared to other cities. BoA took a decision in April last year to set up a BPO centre in India. BoA expects to complete its $47 billion merger of Fleet Boston Financial by April this year. The merger was announced in October last year.