Citicorp, which develops much of its software in Bombay, has opened a second Indian development center in the city of Hyderabad.
Citicorp said its Indian software development company, Citicorp Overseas Software Ltd., plans to use Hyderabad to undertake projects to support global finance activities as well as consumer banking operations. These include architectural systems and servers; product systems for trade, cash, and securities products; and Internet applications.
Citicorp Overseas Software was set up in 1985 under special legislation as an export company to develop software in Bombay's special economic zone.
The Indian unit ranks as one of the bank's top strategic development centers and has designed turnkey and branch banking systems valued at $514 million for Citicorp in 28 countries.