Swiss bank UBS is understood to be investing approximately $65m (£32m) to expand its back office operations in India.
The firm plans to make the investment over the next two years, employing 1,700 staff. In 2006, the bank was reported to have spent $40m (£20m) setting up a similar centre in Hyderabad, the same region of India.
Both offices will work together to handle IT infrastructure support, business process management, knowledge management services and IT analytics.
Clive Standish, chief financial officer at UBS, said the new offices provided the company “with a flexible and efficient infrastructure to meet resourcing requirements, reduce costs and streamline processes".
The quality of technology expertise in the area was the reason for its selection, according to Vipul Khanna, chief executive at the new centre. He also praised the area’s “world-class infrastructure, [and] stable economic and political environment”.
UBS is investing an additional undisclosed amount in Poland for a nearshore centre that will employ 250 staff. It also has outsourcing centres for IT development work in China and India.
The firm offers wealth management, investment banking, asset management and securities services to clients in the UK and the rest of the world.
The financial industry is currently digesting the surprise resignation of its chief executive, Peter Wuffli, this week, and speculation is rife over the business’ long term strategy.
Separately, in December UBS hit the headlines after a former system administrator hacked into its network and placed a temporarily debilitating virus there.