Oracle Corporation, which controls the Mumbai-based i-flex solutions, has decided to bank on the expertise of the latter's management team for its global operations.

The US-based company has announced the formation of a new business unit called Financial Services Global Business Unit to further its presence in the financial services-specific applications market.

The new division, to be based in New York, will have three top i-flex executives at the helm. While Rajesh Hukku, the incumbent CMD of i-flex will head the Oracle FSGBU as the general manager, R Ravisankar, i-flex' CEO for International Operations and Deepak Ghaisas, CEO, i-flex (India Operations) and CFO will join the Oracle FSGBU management team.

According to Oracle, the new business unit will aggregate Oracle's financial services-specific applications offerings and serve as a vehicle for future acquisitions in the financial services sector.

Hukku will continue on the i-flex board as non-executive chairman and will oversee i-flex activities.

In its meeting held on Tuesday, the i-flex board also approved the expansion of its management team to leverage Oracle's global organisation for the banking industry.

N R K Raman, currently chief operating officer, has joined the i-flex Board as the managing director and chief executive officer. Both R Ravisankar and Deepak Ghaisas have been elevated to the i-flex board as vice chairmen.

Derek Williams, executive vice president of Oracle, will also join the i-flex Board. Makarand Padalkar, currently chief of staff and Head, Investor Relations, will assume the role of chief financial officer, the company said.