American multinational investment bank financial services company Goldman Sachs is the newest Banking, financial services and insurance (BFSI) player to set up operations in Hyderabad. It set up its Global Capabilities Centre (GCC) in Hyderabad in banking with a promise to recruit 2,500 people by 2023.

Goldman Sachs is one of the many BFSI players that have made Hyderabad their second home. IT and ITEs apart, Hyderabad is now in the reckoning for its strengths in banking, financial services and insurance segment. The city already has 1.8 lakh professionals in the BFSI segment working.

“The policies of Telangana State to promote research and support the startups ecosystem, access to trained manpower here and other factors swung the decision in favour of Hyderabad for our operations,” Gunjan Samtani, Head, Goldman Sachs Services for India, said.

IT Minister K T Rama Rao, who launched the Goldman Sachs office in Hitec City earlier this week, said the State was expecting entry of more players in the BFSI segment. “Goldman Sachs choosing Hyderabad tells about the city’s strengths. About 1.8 lakh people are already working this segment and that is a remarkable number,” he said.

Hyderabad offers the best in class infrastructure, progressive and friendly policies to accelerate the setup of these multinational companies. The city also has the greater eco-system of diversified businesses and diversified talent, according to IT and Industries Principal Secretary Jayesh Ranjan.

Ecosystem players
Fortune 500 BFSI companies like HSBC, Bank of America, Wells Fargo, JPMC, Franklin Templeton, Invesco, Broadridge, Berkadia, Black Knight Financials, Development Bank of Singapore, Legato (Anthem Insurance), State Street Bank & Trust, MassMutual, Synchrony Financial (earlier GE Capital) have already set up their offices in Hyderabad.

In addition to the new entrants, several major BFSI companies have expanded their presence significantly. These include Wells Fargo which leased 1.2 million sqft at the DivyaSree IT Park for an additional headcount of 10,000. JP Morgan had leased one million sqft at the Salarpuria Sattva Knowledge Park. Synchrony, BoA, Broadridge, ICICI and many others have expanded significantly in Hyderabad.

BFSI in Hyderabad is spread across domain like retail, commercial, wealth, investment, custodial services, global markets, securities, fintech, insurance, e-commerce, and digital payments among others, Amarnath Reddy Atmakuri, Chief Relations Officer, ITE&C Dept (Government of Telangana), told Telangana Today.

Major global delivery companies like Infosys, Tech Mahindra, TCS, Wipro have over 30 per cent workforce working to deliver services to the BFSI clients globally.

Insurance Regulatory Development Authority of India (IRDA) and Institute for Development and Research and Banking (IDRBT), two of the premier Central government institutes in the BFSI sector, are headquartered in Hyderabad.

The city is also home to National Payments Corporation of India, that has the largest data centre. With R&D support from IDRBT and NPCI, Hyderabad is also seeing a lot of fintech startups and new digital payment innovations, the official said.
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