Hyderabad gets BFSI boost as global giants zero in for setting up GCCs

HYDERABAD: In what is sure to cement Hyderabad’s standing as a global BFSI (banking, financial services and insurance) hub, nearly half a dozen BFSI biggies have acquired space in the city in the first half of 2024.
This includes players such as Cigna Healthcare, Metlife, Ameriprise and DTCC that are making their debut in the Hyderabad market with their global capability centres and players such as SwissRe and Lloyds Bank that have expanded their presence in the city, according to sources in the chief minister’s office.
TOI has learnt that one of the biggest transactions in office space in H1 2024 has been done by Cigna Healthcare at around 9 lakh sq ft, followed by Metlife at around 2.5 lakh sq ft.
On the other hand, companies like DTCC and Ameriprise have acquired smaller space of below 50,000 sq ft.
According to sources, SwissRe has added another 40,000 sq ft space to its existing 10.12,000 sq ft space at its innovation centre that it opened last year and Lloyd’s Bank too has acquired additional space.
“Hyderabad is witnessing a surge in its appeal beyond the technology sector. While the city has always been a prominent IT hub, the first half of 2024 has seen a remarkable influx of BFSI companies setting up their presence here. This trend signifies a significant shift, solidifying Hyderabad's position as a well-rounded business hub,” said a CMO source.
Sources pointed out that BFSI sector emerged as one of the top three occupiers of office space in H1 2024 with 30% share and in the coming quarters the city is expected to attract more big players thanks to its strategic location and skilled talent pool.