(July 19 2005 – India) As the debate rages in Australia on the pros and cons of outsourcing back office functions to India, UBS is the latest international bank to shift more of its processing operations to that country.UBS has reportedly signed a memorandum of understanding with the Hyderabad government to set up a new centre with construction having already started. The new centre is expected to be up and running within a year.
The bank already outsources some of its IT and back office functions to third party companies in India.
UBS will join HSBC, Goldman Sachs and Bank of America in moving more of their back office operations to cheaper locations.