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Temenos global development center in Chennai

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DQW Bureau
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DQW News Bureau

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Chennai-based Temenos India, a subsidiary company of Europe-based Temenos which provides integrated banking solution with its `Globus' product, has announced that it will be shifting its entire development activity for global market into India, in Chennai, by mid-2001. "Although we are doing development work since inception here, now the entire product building activity will be shifted to Chennai because of the high availability of humanware, technical skills, cost factor and work culture," said SP Jayanthan, Director, Temenos India Pvt Ltd.

The company is planning also to set up full-fledged helpdesk and support center, besides making Chennai office as the incubator for global training needs. "Currently, we have to 200 software professionals in Chennai and it will be scaled up to 500 by 2002," said George Koukis, Chairman and CEO of Temenos. "We have invested $ 5 million in Indian arm and another $ 10 million fund will be pumped in for the expansion programs planned here, in the next five years." The company has similar kind of set up in London and Geneva.

Temenos has announced that it will be aggressively focusing on the Asian market in the coming years and it provides solution for over 300 banks worldwide. Recently, it has bagged orders worth $ 12 million for providing solutions for National Development Bank, Sri Lanka; State Bank of Pakistan and Machhapuchchhre Bank, Kathmandu. "India is also a potential market for us and we look for more projects from here in future," said Koukis. Added Jayanthan, "Indians are especially strong in retail banking, corporate and trade finance."

Temenos has acquired the US-based jBASE, which provides automated conversion tools and Vol-de-Nuit, a Geneva-based asset management company in an all-stock deal worth in excess of $ 20 million. It has also announced that it will be going public in the next one year by listing shares in Nasdaq, LSE, Frankfurt and Zurich exchanges.

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