Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, today announced the launch of a new Middle East financial services advisory capability. Capco, a Wipro company, will offer strategic management and technology consulting capabilities to financial services firms in the Middle East to enable their transformation, digitization, and business consolidation initiatives.
Regional macroeconomic trends, including diversification from a petrodollar economy, are driving significant investment in financial services, with a focus on digital innovation, neobanking, post-merger integration and core large-scale transformations. Against this backdrop of change, consulting spend in the Gulf Cooperation Council (GCC) region reached USD3.3 billion in 2022 – of which financial services accounted for some 30% – and is expected to grow by 30 % year-on-year in the near term.* Given its expertise in successfully driving transformation programs for tier-one financial institutions globally, Capco is well positioned to tap into the growth opportunities in the region.
The new consulting capability will be led by Naim Alame as its Managing Partner, Middle East. He joins from Accenture Middle East and has extensive experience in financial services, delivering digital and core transformation programs across top tier banks in this region.
Lance Levy, CEO of Capco and Executive Sponsor of Wipro’s Financial Services Business said, “Our ambition in the Middle East is simple-- for Capco, as a creative, disruptive management and technology consultancy, to support the region’s most prestigious financial services institutions. Capco has always been about pushing boundaries and creating new opportunities, for our business and our people. Our new Middle East presence continues to deliver on that.”
Naim Alame, Managing Partner - Middle East, Capco said, “The success of Capco’s innovative and entrepreneurial approach is recognized across the financial services industry. Capco’s bold ideas and value propositions will allow financial services firms in the region to enhance the scope, accessibility, and attractiveness of their offerings to their customers. I look forward to partnering with Middle Eastern clients to design and implement bespoke, strategic programs that will deliver true value and differentiation.”
Mohamad Hamza, Regional Head of Banking, Financial Services, & Insurance (BFSI) – Middle East, Wipro Limited said, “The launch of Capco’s financial services consulting capability will allow us to accelerate our Middle East clients’ innovation plans and end-to-end transformation journeys. The combination of Capco and Wipro capabilities will enable us to offer a front-to-back proposition that addresses our clients’ most pressing challenges and opportunities. We are confident that this new advisory focus will strengthen our growth ambitions in the region.”
*Source: The National News, May 12, 2022: https://www.thenationalnews.com/business/2022/05/12/gcc-consulting-market-crosses-3bn-for-first-time-on-economic-transformation-push/