Swiss investment bank UBS is investing SFr50 million ($40 million) in its new back office facility in Hyderabad, India, which will employ around 1500 staff by the middle of next year.
Construction work on the new facility was started last July. The centre, which opened today, will deliver research and analytics services as well as transaction and data processing and IT infrastructure support.
According to press reports the bank has already recruited 180 staff for the centre and expects to employ 500-600 staff at the unit by the end of 2006, before expanding to over 1000 employees next year.
Seth Cohen, head of group offshoring, UBS, told reporters that including the amount that we have already spent, the bank is investing SFr50 million in Hyderabad and this includes infrastructure, management and IT costs.