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Rediff News  All News  » Business » Wells Fargo to set up shop in Hyderabad

Wells Fargo to set up shop in Hyderabad

August 02, 2006 03:25 IST

Wells Fargo, a leading financial services company of the US, is setting up an information technology and business process outsourcing facility in Hyderabad.

The company made an announcement during a video conference with Andhra Pradesh Chief Minister Y S Rajasekhara Reddy on Tuesday.

According to a press release, the Indian operations of Wells Fargo will commence by October 2006 with over 500 employees in the first phase.

The company will be employing 3,000 people in a span of three years. It has identified 50,000 square feet of built- up area near Hitec city to start its operations. It will build its own campus subsequently.

A delegation from Wells Fargo visited India during March and again in July this year to evaluate various cities in the country before finalising Hyderabad for setting up the company's operations.

APInvest, a nodal agency set up by the state government for providing single window interface to investors, is stated to have played a proactive role in bringing Wells Fargo.

With an asset base of $482 billion and employee strength of 1.53 lakh,  Wells Fargo is stated to be one of the 40 largest private employers in the US providing banking, insurance, investment, mortgage and consumer finance services.

It has the third largest ATM network and has earned the distinction of second largest debit card issuer in the US market.