i-flex solutions, an IT solutions provider to the global financial services industry, is expanding its leadership team to support accelerated growth and acquisitions, and to better leverage Oracle"s global organisation for the banking industry.

In a related development, Oracle has announced the formation of a new Financial Services Global Business Unit (FSGBU) headquartered in New York.

The following changes to i-flex"s executive management and Board of Directors were approved by the i-flex Board:

• Rajesh Hukku, the current chairman and managing director, will head the new Oracle Financial Services Global Business Unit. He will also continue on the i-flex Board as non-executive Chairman.

• N.R.K. Raman, currently chief operating officer, joins the Board as managing director and chief executive officer of i-flex.

• R. Ravisankar, currently chief executive officer (International Operations), and Deepak Ghaisas, currently chief executive officer (India Operations) and chief financial officer, are both elevated to the Board as vice chairmen. They will also join the management team of the new Oracle Financial Services Global Business Unit.

• Derek Williams, executive vice president of Oracle, will also join the i-flex Board.

• Makarand Padalkar, currently chief of staff and head, Investor Relations, assumes the role of chief financial officer.