Syndicate Bank to set up BPO subsidiary

Syndicate Bank, the Manipal-based public sector bank on Monday said it will set up a subsidiary for providing business process outsourcing (BPO) services.

The company has got the 'in principle approval' from government of India to set up a subsidiary for business process outsourcing, the Bank informed the National Stock Exchange.

The approval is subject to following terms "" the BPO services will initially be limited to financial institutions and clients of Syndicate Bank and the Bank will utilise its 'surplus manpower, premises and resources' only to set up and run the proposed BPO unit, the Bank said.