Mumbai-based, I-flex Solutions Limited has announced that company’s board of directors has approved a proposal to change the name of i-flex solutions Ltd to Oracle Financial Services Ltd, subject to regulatory and shareholder approvals.

The proposed new name reflects the financial services solution provider's close strategic and operational alignment with its parent Oracle Corp., which owns 81 percent stake in the company.

I-flex Solutions Limited provides information technology (IT) solutions and business process outsourcing services to the financial services industry worldwide. The company operates as a subsidiary of Oracle Global (Mauritius), Ltd.

Oracle is the number 1 enterprise software provider, and counts 10 of the top 10 banks, insurance Companies and securities firms among its more than 8,500 financial services customers across 145 countries.

However, the current management team under N R K Raman will continue to run the operations of the company.

Further, the company's board has approved buying the balance 60% stake in Flexcel International, thus making it a wholly-owned subsidiary. Flexcel is a joint venture between HDFC Bank and i-flex solutions. The company will acquire 3.1 million shares of Rs 10 each.