Bandhan Bank promoter enters IT sector with this ‘all-cash deal’ that has origin in London

Bandhan Financial Services Ltd (BFSL), the promoter of Bandhan Bank, has made a strategic move into the technology sector by acquiring the Genisys group of companies. The UK-based IT and business process services provider was acquired in an all-cash deal worth nearly Rs 100 crore.
This acquisition aligns with BFSL’s strategy to leverage technology to drive growth and innovation. The company believes that technology-driven solutions, particularly in the banking and financial services sector, have immense potential. “The entry into the technology sector is in confirmation with the applicable guidelines for core investment companies, which are allowed to invest in non-financial sectors,” BFSL managing director Arvind Agrawal told Economic Times.