Truist Financial Corporation, one of the largest banks in the United States, is planning to establish a Global Capability Center (GCC) in Hyderabad, India. This marks the entry of another major financial institution into India’s rapidly expanding GCC ecosystem, which continues to attract global businesses seeking innovation, cost efficiency, and access to skilled talent.
About the Plan
Truist, headquartered in North Carolina, has floated a tender inviting companies, including leading Information Technology (IT) service providers, to set up and manage its new tech center in Hyderabad.
Infosys Ltd, India’s second-largest IT services company and an existing IT vendor for Truist, is expected to bid for this large-scale project.
Key Details
- The project is valued at over $250 million
- The GCC will be set up in two phases: An interim tech center to accommodate approximately 1,000 employees in the first year
- A permanent facility in Hyderabad with plans to grow to 3,000 employees over five years
- The operating model will be Build-Operate-Transfer (BOT), where the selected service provider will establish and run the center for a predefined period before transferring it to Truist
Strategic Significance
This move reflects the continued trend of financial services companies expanding their GCC footprint in India, attracted by
- India’s deep pool of skilled technology and finance professionals
- Cost-effective operating environment
- Robust digital infrastructure and regulatory support from the Government of India and local state governments
Hyderabad is increasingly becoming a preferred hub for GCCs, supported by favorable government policies and growing infrastructure investments.
Industry Impact
The establishment of Truist’s GCC will
- Generate significant employment opportunities in technology and finance
- Strengthen India’s position as a global GCC destination
- Enhance technology-driven innovation within financial services
- Foster deeper industry-academia collaboration to upskill talent
Conclusion
Truist’s decision to set up a GCC in Hyderabad underscores India’s growing relevance in the global GCC landscape, especially in the financial services sector. With Infosys likely to be a key partner, this project will further solidify the GCC ecosystem as a critical driver of innovation, job creation, and economic resilience.
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