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Thursday, Nov 09, 2006

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e-Serve is now Citigroup Global Services

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To set up global site at NCR

Mumbai , Nov. 8

Citigroup said it has renamed its BPO `e-Serve International' as `Citigroup Global Services', and will expand its operations starting with an international site in the National Capital Region.

The company currently has two international centres in Mumbai and Chennai. The NCR centre will eventually equal these centres in size (3,500 persons) and will be set up by the middle of next year, said Mr Sanjay Nayar, CEO, Citigroup India, and Chairman - Citigroup Global Services, at a news briefing here on Wednesday.

The name change is to better reflect a closer association and identity with the parent organisation Citigroup, said Mr Rahul Singh, CEO and Managing Director, Citigroup Global Services.

The Citigroup brand name will also help to make the company an "employer of choice" in an industry where employee turnover rate is very high, said Mr Nayar. The turnover rate at e-Serve is currently between 35 per cent and 37 per cent, lower than the industry average, he said.

Citigroup currently holds 96.26 per cent stake in e-Serve International. e-Serve will also become more aligned to Citigroup's processes and compliance levels. In a sense, Citibank has moved ahead of regulatory requirements that a bank's core functions may not be outsourced, e-Serve being an integral part of the bank, said Mr Nayar.

e-Serve reported revenues of Rs 612 crore for the year ended March 31, 2006, and profit after tax of Rs 71.36 crore.

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