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HCL UK to buy Swiss digital banking business

By Alexandra Leonards

HCL Technologies UK has announced it is buying Switzerland-based digital banking and wealth management consulting business Confinale.

The tech company said the move is part of plans to expand its footprint in the global wealth management market.

Confinale, which was established in 2012, focuses on IT consulting in key specialist areas in the banking and wealth management sector. According to HCL, Confinale has one of the largest independent pools of Avaloq-certified specialists in Europe.

“There is significant disruption taking place in global wealth management and this means an opportunity for technology-led innovation,” said Rahul Singh, president of financial services and digital process operations, HCL Technologies. “This acquisition significantly strengthens HCL’s digital wealth and asset management capabilities and expands our presence in the heart of the global investment banking sector.

“We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq.”

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