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| Centurion Bank of Punjab and Indecomm Global Services announce Enterprise Partnership |
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| Bangalore, May 8th, 2006 - Centurion Bank of Punjab Ltd., a leading private sector bank and Indecomm Global Services, a widely recognized international business process services firm, have announced their intent to form Centillion Solutions and Services, to focus on back office processing services for Retail Banking and related financial services. Indecomm Global Services and Centurion Bank of Punjab have been featured in Business Today’s ’20 companies to watch’ in the years 2004 and 2005 respectively. This enterprise partnership will play to the strengths and competencies of the respective companies. Centillion will be headquartered at Bangalore. The retail asset servicing operations of Centurion is being transitioned to Centillion in a well-structured plan, commencing with the Centralised Operations (COPS) functions performed out of Bangalore. According to Shailendra Bhandari, Managing Director, Centurion Bank of Punjab, “Centillion will help the bank, implement process improvement technologies that will improve efficiencies in it’s retail back office operations, cut down on the gestation period in implementing these cutting edge processes, and equip the bank to manage the rapid growth that it is currently going through, without compromising on control and quality.” |
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Naresh Ponnapa, President & CEO, Indecomm said, “We bring to the table our global experiences and best practices, and are confident that we will be able to bring about significant improvements to Centurion’s operations We are very excited with this development and believe that such enterprise partnerships are the way to go.” “We are confident that with this initiative, operations will be a source of competitive advantage for the bank. This will further give our operations staff opportunities to enhance their skills and experience in a cutting edge environment,” said Anil Jaggia, COO, Centurion Bank of Punjab. Added Ashoke Dutt, Chairman of Centillion, “The vision for this JV is to combine Centurion’s expertise in retail banking, with the world-class process and technology expertise from Indecomm, to potentially become a large, specialized, end to end processing company for banks and FIs around the world.” (Ashoke Dutt was formerly Country Head for Citibank in India, and was the former Head of Marketing for Discover Cards in North America) |
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| About Indecomm Global Services | ||||||||||||
| Indecomm Global Services is a recognized specialist Business Process Services provider that leverages cutting edge technology, process excellence and a deep domain expertise to deliver superior business results to clients’ world over. Indecomm deploys an innovative global execution model using a blended onsite, onshore and offshore delivery structure backed by proprietary, in-house processing platforms. The company has significant expertise in intelligent data capture, document management and workflow automation and participates in the banking and financial services, retail, benefits administration and healthcare verticals. Indecomm’s clients include some of the best known names in the global financial services industry. | |
Founded by a group of high caliber professionals from global corporations and thought leaders in niche technologies, Indecomm’s management team is accomplished and drawn from some of the finest companies. Their Chairman, John Torell III has been Chairman or President of a number of major American banking institutions and has participated in virtually all phases of the financial services industry. Indecomm Global is backed by International Finance Corporation and WestBridge Capital Partners. | ||||||||||
| About Centurion Bank of Punjab | ||||||||||||
| Centurion Bank of Punjab is a new generation private sector bank offering a wide spectrum of retail and corporate banking products and services. It holds leadership positions in retail two-wheeler loans and commercial vehicle loans. It has been among the earliest banks to offer a technology-enabled customer interface that provides easy access and superior customer service. A globally experienced management team is in place, including Mr. Rana Talwar as the Chairman of the Board of Directors and Mr. Shailendra Bhandari as the Managing Director & CEO. In addition to being listed on the major Indian stock | ||||||||||||
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