Mizuho Financial Group, Japan’s third largest financial services group, has established its Global Business Centre in Chennai.
The Chennai centre will play a pivotal role in conducting high-end IT/ITeS, encompassing Robotic Process Automation (RPA), Artificial Intelligence (AI), systems development, cybersecurity, and general banking operations. Mizuho Global Services (MGS), with a current workforce of over 250, plans to increase the number to 1,000 by 2025.
“The Government has been actively pursuing investments in the GCC space, and it is definitely yielding good results thanks to key enablers such as quality talent and necessary infrastructure,” said V. Vishnu, MD & CEO of Guidance, the nodal agency instrumental in bringing investments into Tamil Nadu.
Dharma Raja, Managing Director, Mizuho Global Services, India, said: “Our current focus is on rapidly expanding our business and enhancing our capabilities to cater to the entire global network of Mizuho group. Establishing our office in a conducive business environment such as Chennai significantly bolsters our pursuit of these objectives.”
Chennai hosts major Banking, Financial Services, and Insurance (BFSI) Global Capability Centres (GCCs) for prominent institutions like Standard Chartered, Bank of America, NatWest, Wells Fargo, Barclays, The World Bank, and Citi. Notably, Standard Chartered boasts its largest office campus globally in Chennai, and in 2023, Bank of America secured the largest office space transaction by leasing 1.1 million sq. ft in the city. Over 50% of this workforce focuses on product engineering and technology capabilities, showcasing Chennai’s thriving talent pool for BFSI GCCs.
The city has already become a strategic choice for many large global IT corporations and capability operations of major banks. Safety, good infrastructure, and expansion of Chennai Metro to facilitate seamless operations are among other factors for the city to emerge as the leading, and preferred destination for global conglomerates.
