Tata Consultancy Services bags IT contract from Ahli Bank for Qatar brokerage operations

MUMBAI: IT firm Tata Consultancy Services ( TCS) today said it has bagged a contract from Ahli Bank to provide software solutions for the bank's brokerage operations in Qatar.

Implementation of the TCS BaNCS Universal Banking solution at Ahli Brokerage will support trading on the Qatar Stock Exchange across asset classes and currencies, TCS said in a filing to the Bombay Stock Exchange.

However, the company did not disclose the financial details of the deal.

"TCS BaNCS caters to the brokerage needs of our customers in a comprehensive manner," TCS Financial Solutions President N Ganapathy said.

TCS Financial Solutions is a strategic business unit of TCS that has compiled a comprehensive product portfolio under the brand name of TCS BaNCS.

"The TCS BaNCS solution will help us offer unique services to the market us an end-to-end, multi-channel, pre-and post-trade processing provider. At the same time, it will help us extend our market reach to both the GCC countries and other international markets," Ahli Bank Head of IT Mohan Srinivasan said.

Ahli Bank is part of the Ahli United Bank Group headquartered in Bahrain. This announcement follows the recent announcement by the Qatar Exchange allowing Qatari Banks to make inroads into brokerage operations by establishing their own subsidiaries.

Shares of TCS were trading at Rs 1,169 on the BSE, up 1.37 per cent from the previous close.