Synchrony Financial to invest $12 million in India operations

Hyderabad: Consumer financial services company Synchrony Financial will invest $12 million to expand its India operations, which provides fraud investigation support, process control monitoring and technology support to one of the biggest private label cards provider in the US.

The company is talking to property developers to lease additional space to set up centres of excellence that develop finance, analytics and information technology solutions, said Faisal Uddin, senior vice president of Synchrony and head of India operations.

“We are figuring out if we should expand where we are (in Hyderabad) or if we should move elsewhere. We are trying to negotiate with some more developers,” Faisal Uddin said.

Synchrony Financial was spun off from General Electric Co. in 2014 as part of GE’s strategy to exit from most financial services business by 2018. Synchrony was earlier known as GE Capital Retail Finance.

It entered India 17 years ago and has invested $8 million in the India entity since 2014. Its India office employs 2,500 people.

“Our India operations are critical to our success and play an important role in the overall growth strategy for the company,” Margaret Keane, president and chief executive officer of Synchrony Financial, said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.