ABN AMRO and EDS announced today that they have reached an agreement on an IT outsourcing contract for ABN AMRO’s Wholesale Client (WCS) Strategic Business Unit – which includes corporate and investment banking services.
The contract covers the provision of technology services and applications development in the major countries in which WCS operates.
Implementation of the agreement will take place after certain conditions have been met – notably regulatory approvals and feedback from workers councils – but the work is due to commence in the coming weeks, with a view to EDS taking over all WCS functions within a matter of months.
The total value of the contact is expected to be valued at EUR 1.3 billion (approximately US$ 1.3 billion) based on a five- year period. Further details of the contract will be made available at ABN AMRO’s 2002 results announcement on 13 February 2003.
ABN AMRO announced in August that it was talking exclusively to a single provider on an IT outsourcing within its Wholesale Clients division.