Wells Fargo & Co(NYSE: WFC), the No. 5 U.S. bank and a leading financial services company of the US, is setting up an information technology and business process outsourcing facility in Hyderabad, citing a growing need for technology talent that can no longer be supplied solely in the United States. The facility will provide technology resources, including software development, for a variety of functions for Wells Fargo & Company.

The company made an announcement during a video conference with Andhra Pradesh Chief Minister Y S Rajasekhara Reddy on Tuesday. According to a press release, the Indian operations of Wells Fargo will commence by October 2006 with over 30 to 50 local employees in the first phase, and it could employ up to 300 team members by the end of next year. It has identified 50,000 square feet of built-up area near Hitec city to start its operations. It will build its own campus subsequently.

A delegation from Wells Fargo visited India during March and again in July this year to evaluate various cities in the country before finalising Hyderabad for setting up the company’s operations. That speaks about Hyderabad. APInvest, a nodal agency set up by the state government for providing single window interface to investors, is stated to have played a proactive role in bringing Wells Fargo.

About Wells Fargo & Co:

Wells Fargo is more than a bank. It is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance for more than 23 million customers through 6,200 stores. It is the largest financial institution headquartered in San Francisco, spanning all of North America. It’s stock market value exceeds $100 billion, one of only about 20 companies with such as market cap. Forbes ranks Wells Fargo as the world’s 25th leading company based on a composite of sales, assets, profits and market value. It is in the top 20 among all U.S. companies in profits and market value. It is one of America’s 40 largest private employers with 146,000 team members. Today, it is the only bank in the United States to receive the highest possible credit rating “Aaa” from Moody’s Investors Service. It is large, diversified, dynamic and innovative.

With an asset base of $492 billion and employee strength of 1.53 lakh, Wells Fargo is stated to be one of the 40 largest private employers in the US providing banking, insurance, investment, mortgage and consumer finance services, which has annual revenue exceeding $2.5 trillion. It is ranked fifth in assets and fourth in market value of stock among it’s peers as of March 31, 2006. It has the third largest ATM network(more than 6,200 ATMs) and has earned the distinction of second largest debit card issuer in the US market.

Source:
www.wellsfargo.com
www.business-standard.com