India’s Polaris Financial Technology plans to demerge its products (intellect) business into an independent entity.
The company will be filing the scheme of demerger with the Stock Exchanges, Securities and Exchange Board of India (SEBI) and High Court as per extant regulations. After demerger and subject to approval from regulatory authorities and shareholders, the product company will be known as Intellect Design Arena Ltd (Intellect) and comprise of four distinct businesses: global universal banking; risk and treasury management; global transaction banking; and insurance. Polaris Financial Technology (Polaris) will continue to run the services business.
“This is a decisive step towards unlocking the potential of the company to respond to emerging opportunities in financial technologies in the coming decade,” said Arun Jain, executive chairman, Polaris Financial Technology.
“In fact, it is a win-win for customers, employees and investors alike. From a customer perspective, this new structure aligns investments, competencies, decision making and processes to drive the next level of value creation.”
The company also confirmed that Jitin Goyal will continue as chief executive officer (CEO) of the services business, and will be based in London. In the products entity, Manish Maakan will continue as CEO of the intellect global transaction banking (iGTB) business operating out of London.
Jaideep Billa and Venkatesh Srinivasan will continue to be joint CEOs of intellect global universal banking and intellect risk and treasury business, operating out of Singapore and Mumbai respectively; and Pranav Pasricha will continue to be CEO of the intellect insurance product business, based in New York.
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