GE Cap signs up for India's i-flex banking product

BOMBAY, June 14 (Reuters) - India's i-flex solutions Ltd. said on Tuesday General Electric Capital Corp. had signed up to use the Indian software firm's banking software product FLEXCUBE for its retail banking operations worldwide.

GE Capital, the finance arm of General Electric Co. , will also be given up to a 0.5 percent stake in i-flex, through warrants convertible into shares later, i-flex said in a notice to the stock exchange.

The Indian firm did not indicate how much the FLEXCUBE deal with GE Capital was worth.

FLEXCUBE, which helps banks and financial services companies automate their core operations, is i-flex's flagship product.

Ahead of the announcement, i-flex shares closed up 0.5 percent at 711.95 rupees in Bombay.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development