Correct Answer :   Hyderabad

Lloyds Banking Group, one of the UK’s largest financial services organisations, said on 21st June 2023 that it is setting up a technology centre in Hyderabad and will recruit 600 people by the end of 2023.

Lloyds’s captive will come up in the Knowledge City. The group, which has brands such as Lloyds Bank, Halifax, and Bank of Scotland under its belt, said it plans to expand its digital capabilities through the tech centre.

Lloyds’ Group Chief Operating Officer Ron van Kemenade said in a statement that the investment “reflects India's rise as a tech innovation powerhouse”, which the company would utilise to meet customers’ needs and support its long-term growth strategy.

“As we grow our presence in the area, and create additional roles, there will be a wealth of opportunities in Hyderabad, especially given its highly talented engineers and impressive technology ecosystem,” he said.

The new captive is part of the group’s strategic investment of £3 billion over the next three years to transform its digital offerings.

The hiring target of 600 is an initial number and the roles will be in technology, data, and cybersecurity, it said.

Like in the case of several other banking captives, Lloyds won’t offer banking services in the country. The captive will focus on using technology and digital data and analytics capabilities to drive innovation and end-to-end product delivery..

Source : Moneycontrol