[April 21, 2006] India industry: Metavante buys stake in ICICI OneSource Tweet (EIU Viewswire Via Thomson Dialog NewsEdge) COUNTRY BRIEFING Metavante buys stake. Metavante, a US banking and payment technology provider, has entered into a strategic partnership with ICICI OneSource, the business process outsourcing (BPO) arm of ICICI Bank, India's largest private bank. Metavante has acquired an 11.5% stake (for an undisclosed sum) in the Indian company. The deal is expected to give OneSource access to the US market because ICICI OneSource will be the exclusive distributor for OneSource's services in the North American banking, financial services and payments market. OneSource will be Metavante's exclusive offshore delivery partner and preferred onshore partner for BPO services to financial institutions. The deal is being financed through a combination of primary infusion and secondary purchase. [ Back To TMCnet.com's Homepage ]