Hyderabad, Nov 21 (IANS): State Street Corporation, one of the world's leading providers of financial services to institutional investors, on Tuesday announced the opening of a new centre of excellence in Hyderabad and expanding its facility in Bengaluru.

It currently has 2,800 employees in India based in offices in Bengaluru, Mumbai and Hyderabad.

Over the next 12 months, the company will expand its existing facility in Bengaluru and build the new centre in Hyderabad, said a company statement.

State Street Chairman and CEO Jay Hooley said the company established a presence in India 10 years ago and today it was a key component of its centre of excellence network.

"This network gives us the coverage necessary to deliver services to clients more effectively and efficiently. Adopting a 'follow-the-sun' model enables us to take advantage of time zone differences to optimize workflows and deliver more timely services to our clients," he said.

Michael Brager, Senior Vice President and India country head at State Street, said with this expansion they will tap into India's deep pools of talent and high-caliber graduate population.

"These offices will create new employment as well as additional career opportunities for our existing employees across a range of management and technical positions."

State Street's offices in India currently support a number of business units across the company in functions such as technology, corporate finance, fund accounting, transaction services, reporting and reconciliations.