| | JULY 20238DBS Bank India announced the appoint-ment of Rajat Verma as managing direc-tor and head of institutional banking on Monday.Rajat, who formerly worked for HSBC as the MD and Country Head of Commercial Bank-ing in India, will take over as head of institutional banking from Niraj Mittal. Mittal will take on a new role as DBS Bank's country head in Australia.Rajat will oversee the expansion of DBS Bank's institutional banking business in India, given the lender's greatly enlarged base. Rajat's appointment, according to DBS Bank India, reinforces the bank's leadership team and commitment to growing its institutional banking business.Surojit Shome, Managing Director and CEO of DBS Bank India, commented on Verma's new post, saying, "He (Rajat Verma) is a seasoned banker with a proven track record of delivering value to institutional clients across diverse sectors and markets." His appointment reaffirms our commitment to expanding our operations in India."The bank intends to strengthen its digitisation and provide better value to its customers under Rajat's leadership, he added.DBS is one of India's largest international banks. Meanwhile, with Mittal's appointment, Singapore's largest bank is attempting to grow DBS's business in Australia. The former India's head of institutional banking will also work to strengthen ties with South-East Asia and South Asia. Infosys has earned a five-year $454 million digital transformation contract with Nordic-based Danske Bank. In addition, the Bengaluru-based programme exporter will acquire the lender's IT centre, which employs 1,400 employees. The agreement, which can be extended for three more years, aims to scale up the Nordic bank's digital transformation projects. This collaboration will aid Danske Bank in improving client experiences and technological modernization.TCS has secured a $1.9 billion deal with UK workplace pension plan NEST to digitally revamp its scheme administration services. Infosys was awarded a five-year $1.5 billion contract from global energy major BP last month. The contract is the company's largest in the last three years. As part of the agreement, Infosys would take over the bank's IT centre in Bengaluru for 13.6 Danish Krone (about Rs 16.3 crore). This is the first global capability centre (GCC) acquisition since the Silicon Valley Bank debacle earlier this year.The banking crisis in the US and Europe could provide Indian IT firms with an opportunity to acquire captives technology units of banking and financial firms in a repeat of the 2008 financial crisis. IT companies such as TCS, Infosys, Wipro and Cognizant had acquired parts of the captive businesses of banks, including Citi, ABN Amro, and UBS, after the 2008 crisis.Infosys will accelerate the digital strategy of Danske Bank by improving IT operations and capabilities with Infosys Topaz, an AI-first suite of services, solutions, and platforms. "Infosys will work with Danske Bank to improve their core business through increased digital, cloud, and data capabilities." This will enable Danske Bank to create more value for their clients by leveraging powerful advancements in Al, especially generative Al," stated Infosys CEO Salil Parekh. DBS BANK INDIA WELCOMES RAJAT VERMA AS MD & HEAD OF INSTITUTIONAL BANKINGINFOSYS SECURES $454 MILLION DIGITAL TRANSFORMATION CONTRACT WITH DANSKE BANKIN FOCUSIN FOCUS
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