Financial services giant Mellon Financial Corp is setting up a captive back-office processing center in India in a move that will see it eventually employ some 2,500 BPO employees in the region.
According to reports, Pittsburgh, Pennsylvania-based Mellon will set up the facility in Pune, India before the end of 2004, initially housing between 500 and 600 people and then growing this to 2,500 in the future.
The announcement follows its decision to restructure its Mellon European Fund Services finance and accounting and pensions administration practice in recent months. However, the company said there will be no job losses as a result of the offshore announcement.
The company has also restructured its operations in Edinburgh, Brentwood, Dublin, and London, with Edinburgh now becoming the new location for the company’s European contact center.
Mellon already provides BPO in outsourced custody services for asset management operations. It also targets these services in the Canadian and European markets through two joint venture companies CIBC Mellon Global Securities Services, and ABN Amro Mellon Global Securities Services BV.