i-flex Solutions has changed its name to Oracle Financial Services, to reflect its close strategic and operational alignment with its parent, Oracle Corporation, which owns 81% stake in the company.According to a release issued by the company to the BSE today, the company's board has approved a proposal to change the name, subject to regulatory and shareholder approvals."The new identity will enable us to better leverage the global reach, infrastructure and brand visibility of Oracle to accelerate our growth," said N R K Raman, CEO and managing director.The new branding strategy demonstrates the synergies of scale, resources, expertise and efficiency across the two organizations, he added.The current management team under N R K Raman will continue to run the operations of the company, the release added.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.
