PCCW Solutions, the IT services arm of Hong Kong-based conglomerate PCCW Limited, announced Friday (November 9, 2012) its plans to acquire the banking application business of the Vanda Group in China, under Vanda China. PCCW Solutions executives said that the deal with Avnet, Inc., which has a controlling interest in the Vanda Group, is expected to enhance their company's offerings in the banking and financial sector, particularly in China.
The acquisition covers Vanda's VisionBanking Suite, a comprehensive mission-critical core banking system that offers functionalities in the areas of customer management, cash management, payment systems, credit cards, clearing and settlement, regulatory reporting, operational risk management, business intelligence, e-banking and other intermediary services. According to PCCW Solutions representatives, the VisionBanking Suite currently sees "more than 100 installations, supporting a total of over 40,000 branches including an installation for a network of [more than] 3,500 branches." They also said that "more than 500 million accounts and [more than] 150 million daily transactions are running on the VisionBanking Suite [across China]."
Also acquired are the operations of Vanda China's delivery centres in Beijing, Shanghai, Wuhan, Changchun, Guangzhou and Shenzhen- including the service teams comprising about 350 professionals with banking and financial expertise-who altogether support businesses in more than 20 provinces across the country, PCCW Solutions executives highlighted at the time of announcement. They further said that these additions will expand their company's coverage of major cities in China from four to seven offices, and pave its way for future growth.
"We are very excited to have the Vanda China team with their award winning core banking software expertise join us as we embark on our growth plan to provide a stronger portfolio of software solutions and services for our clients," said PCCW Solutions Managing Director George Fok. "We believe that the integration of the two teams will provide significant opportunities for us to leverage each other's expertise and address the dynamic needs of our clients."
We have been told that the acquisition should be completed by the end of November 2012.
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