Swiss financial service tech provider Avaloq partners with global IT firm HCL Technologies to build a new offshore centre in Bangalore, India.

Avaloq, the international technology solutions provider for wealth management, universal and retail banks, has partnered with an major IT firm to create an offshore centre in Bangalore. 

The deal with HCL Technologies is meant to provide flexible and scalable access to Avaloq's expertise and ability in terms of wealth management products to deliver from offshore, near-shore and on-site through HCL's delivery centres. As a result, current and future Avaloq customers will benefit from the improved service. HCL will also invest in skills development and training programmes for employees of the newly-created centre.

"The alliance will improve our ability to serve international clients, boost our successful internationalisation strategy and, in particular, strengthen our position in Asia and Europe," said Francisco Fernandez, chief executive of Avaloq.

HCL Technologies has a network of offices in 31 countries and, along with its subsidiaries, had consolidated revenues of $5 billion as at 31 December 2013. Avaloq is headquartered in Switzerland and has branches in Berlin, Frankfurt, Geneva, Hong Kong, Leipzig, London, Luxembourg, Paris, Singapore and Sydney.