Most of our applications are CPU intensive, how do we handle this apps migration to VMWARE.
Do we have option to auto provision CPUs based on the utilization. or any other suggestions
In this case I'd recommend you run a long time assessment (e.g. running Capacity Planner for a few weeks) to find out the resource requirements, which should allow for an optimized hardware and resource planning. There's no option to "auto provision" CPUs, but the CPU scheduler in ESXi does a pretty good job which should be sufficient in most cases.
Adding to Andre post, the following link should be helpful to understand the CPU scheduler http://www.vmware.com/files/pdf/techpaper/VMware-vSphere-CPU-Sched-Perf.pdf
Since we are going to be running CPU Intensive applications , Please asses the environment correctly and get a better understanding of the performance on virtualized Environment, http://www.intel.in/content/dam/doc/white-paper/virtualization-xeon-sap-and-vmware-virtualizing-reso...
If you wanna reduce latency to the best minimum and optimize performance, I would consider performance tuning the VM's that is going to run the banking applications, This whitepaper should be helpful