Wipro Ltd has hired former Lloyds Banking Group executive Ganesh Balasubramanian to create a new unit focused on banking products and platforms, as part of a move to shore up its banking and financial services business that has lagged rivals such as Tata Consultancy Services Ltd and Cognizant Technology Solutions Corp, Mint reported.

India’s third-largest software exporter, which recently hived off its non-information technology business units and started trading as a standalone IT stock, has named Balasubramanian as senior vice-president of its newly created banking products and platforms business, according to people familiar with the development who requested anonymity.

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