Global financial services firm Charles Schwab picks Hyderabad for development center: Telangana CMO
Aug 08, 2024
Hyderabad (Telangana) [India], August 8 : Charles Schwab, a global leader in financial services headquartered in Texas, has chosen Hyderabad as the prospective location for its first Technology Development Center in India.
"We are delighted to announce that Charles Schwab, a global leader in financial services, has chosen Hyderabad as the prospective location for its first Technology Development Center in India," a statement from Telangana's Chief Minister's Office said on Thursday, as Chief Minister A Revanth Reddy is on a US visit.
This decision follows fruitful discussions between the Chief Minister, IT Minister Sridhar Babu, and senior Schwab executives, Dennis Howard, Rama Bokka and others at Charles Schwab's world headquarters in Dallas today.
The Chief Minister and the IT Minister have committed to guiding Schwab through all necessary formalities for establishing their presence in Hyderabad, ensuring swift access to the necessary talent for a rapid ramp-up.
The Telangana CMO statement added that Schwab's executives have expressed confidence and enthusiasm, and appreciated the proactive support from the government as a promising indicator of a successful collaboration.
"Charles Schwab is currently awaiting the final approvals for announcing detailed insights into the upcoming center and to delegate a team to India for officially establishing the Schwab Technology Center in Hyderabad."
The Telangana government believes Hyderabad now stands out as a prime destination among cities globally.
On August 4, a delegation from the Telangana government, led by Chief Minister and IT, landed in New York. They are scheduled to have meetings with business leaders in the US and South Korea over the next 10 days.
The Charles Schwab Corporation provides a full range of brokerage, banking and financial advisory services through its operating subsidiaries.
Separately, CM Reddy also had a meeting held with the president of WorldBank Ajay Banga and they talked on various issues like Musi Riverfront, Skill University, Future City ,Citizen Health Care.
The chief minister also met various top CEOs and business leaders at a roundtable hosted by the Consulate General of India, New York during a working luncheon on Monday.
Reddy emphasized Telangana's readiness to be a crucial player in the "China Plus One" strategy for America, Inc.
Over 20 prominent Chairpersons and CEOs from diverse sectors, including pharma, IT, EV, biotech, and shipping, gathered to discuss investment opportunities. After sharing the vision and growth trajectory of Telangana and Hyderabad, CM Revanth Reddy expressed, "I hope to take back home as many dollars from all of you as possible."
He highlighted Telangana's strengths: a powerhouse in software, life sciences, and pharma, with robust sectors in Aerospace, Defence, and Electronics.
"Hyderabad has a rich history of 425 years, almost as old as the USA," he noted.
With ambitious projects like Future City, India's first Net Zero Carbon city, the CM invited global leaders to explore new investment avenues.
"Telangana means business," he said, urging them to visit and collaborate for a brighter future.
Telangana's IT Minister detailed the policies supporting this vision and reiterated Hyderabad's potential as a leading global investment hub. Industry leaders shared their insights on investing in India and expressed excitement about upcoming opportunities in Telangana.
