Swiss investment bank UBS is spending $65 million over two years to expand its back office operations in Hyderabad, India.
The bank said in 2006 that it was spending $40 million on a new back office centre in Hyderabad.
This facility, which is now open, can accommodate 1700 staff and provides research and analytics, business process services - including transaction and data processing - and IT infrastructure support.
Clive Standish, UBS chief financial officer, says the centre "provides our businesses with a flexible and efficient infrastructure to meet their resourcing requirements, reduce costs and streamline processes".
The Swiss bank has now started construction on a second site which will serve as a business continuty base for the bank's Indian operations. This will raise its total investment in the sub-continent to $65 million, according to Reuters.
The new centre, which will be operational in the first half of 2008, will increase the bank's offshoring capacity in India by an additional 750 seats.
UBS also plans to open a near-shore centre in Krakow, Poland in the first half of 2008 which will employ 250 staff. UBS says it chose Poland because of the country's highly-skilled workforce and recent membership of the European Union.