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.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more