Hyderabad, May 12 (IANS): London Stock Exchange Group PLC (LSEG) has announced that it will establish a Technology Centre of Excellence in Hyderabad, which will generate employment for about 1,000 people.

The announcement was made after Telangana's Minister for Information Technology and Industries K.T. Rama Rao met Anthony McCarthy, Group CIO, LSEG in London.

A Memorandum of Understanding (MoU) in this regard was signed by Jayesh Ranjan, Principal Secretary of IT and Industries Departments, and Anthony McCarthy, Group CIO, LSEG.

The establishment of the Technology Centre of Excellence by London Stock Exchange Group (LSEG) in Hyderabad will be a significant boost to the Banking, Financial Services, and Insurance (BFSI) sector in the city.

The move is expected to create ample employment opportunities and drive growth in the industry, according to a statement released from the minister's office in Hyderabad.

LSEG is a leading global financial market infrastructure and data provider, operating in 70 countries worldwide and serving customers in 190 countries.

With over 2,000 issuers across more than 100 countries and a benchmark of $161 linked to FTSE Russell indexes, LSEG continues to be a major player in the global financial industry.