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Thu 10 May 2007 11:11 AM

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Oracle shifts focus to financial services

Software giant Oracle has formed a global business unit to focus on applications for the financial services industry, it announced last week.

Software giant Oracle has formed a global business unit to focus on applications for the financial services industry, it announced last week.

"The formation of a global business unit will enable the consolidation and integration of our growing portfolio of financial services applications," said Charles Phillips, president of Oracle.

"This will also help us to lead in the ERP (enterprise resource planning) and CRM (customer relationship management) application space for the financial services industry," Phillips added.

The software giant has already established a presence in the applications space for the financial services industry, through its majority ownership of India-based banking solution provider i-flex.

That firm's top brass will provide the management team for the new unit, which will be headed by i-flex chairman Rajesh Hukku. He will be joined by Ravi Shankar, currently CEO (international operations) and Deepak Ghaisas, CEO (India operations) and chief financial officer. Hukku will continue to serve as i-flex chairman, while Shankar and Ghaisas will join the i-flex board as vice chairmen.

Oracle said the unit would be headquartered in New York City, US.

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