Pune Becomes New Hub for Global Bank’s Back OfficesSeptember 18, 2014
Several professionals across levels are making Pune their home. The city, known as a BPO hub for information technology majors, is now a hot destination for back offices of global banks, which are set to witness a hiring boom in the next 18-24 months. Many candidates who have done banking and finance courses can look to establish their careers in this favourable banking sector environment.
Pune has many factors working in its favour. Topping this list is its proximity to the commercial capital Mumbai – it is barely a three hour ride from the megapolis. It is the preferred choice for talent not only from Mumbai and other parts of Maharashtra, but also from cities like Bangalore, Gurgaon, Hyderabad and Calcutta. From the standpoint of companies, it is an attractive destination due to the cost advantage in terms of real estate, as well as people.
Rentals in the historically rich city are about 40 per cent to 50 per cent lower than those in Mumbai, as per real estate sources. The city has an existing presence of IT product and services organizations, as also captives. Attractive SEZs and good corporate infrastructure with the availability of quality talent has made Pune an attractive destination for corporates to set up their GICs. The individuals who want to make their banking sector careers more successful, are moving to this city for better prospects. Banking professionals are very much in demand with the set up of different global banks. Various students with a foray in investment banking courses can have good chances of securing a job.
The city is also relatively more cosmopolitan compared with emerging locations like Chennai, Hyderabad according to industry experts. The current talent base at Citi’s GIC in Pune has professionals from Mumbai, Delhi, NCR, Bangalore, Hyderabad and other cities. Around 8 per cent employees have moved from Delhi and NCR, 10 per cent from Bangalore, 7 per cent from Hyderabad and other cities. Deutsche Bank, which is the latest to set up its back office — DBOI Global Services India — in Pune this year, has moved about 600 people from Mumbai, an industry source said. This trend is beneficial for professionals who have the background of various banking courses and financial sector training.
Facilities and living comforts apart, Pune also has a high availability of talent across business areas. The world class educational institutions are moulding individuals with aspirations in various banking career options. Also the people who are keen to make a career in investment banking are sure to establish their careers in the receptive environment. The educational institutions present in the city are also responsible for developing the ideal candidates who can fit the bill for the various job opportunities available at new banking establishments.