BT today announced it is entering into a strategic agreement with Credit Suisse to provide a broad package of services which will enhance its operating efficiency as an integrated global bank. The solution will be delivered in partnership with Swisscom and addresses requirements across Credit Suisseâs enterprise and financial trading environments with additional focus on jointly creating new service innovations.
The contract involves the management of Credit Suisse's global networking function which will include the transfer of 231 employees and 50 contractors. It consists of a minimum five-year term with the option of extending the term to seven years. The total order value of the contract is estimated at Â£578 million.
This agreement allows Credit Suisse to take greater advantage of the use of public mobile, Internet technologies and advanced exchange connectivity to provide secure business connectivity at a lower cost and with less capital investment. These technologies will help Credit Suisse further reduce latency and improve trader effectiveness and collaboration in its investment banking activities, while making greater use of high technology customer relationship management solutions in the personal banking market. In addition, this agreement will establish a multimillion pound innovation fund, sponsored by all three parties, that will finance the development of new technologies designed to enable Credit Suisse to enhance the delivery of its product and service offerings. As a result, Credit Suisse will be in a position to generate greater levels of efficiency and productivity to better serve its clients.
Tom Sanzone, CIO and Executive Board member at Credit Suisse said: âAs our business landscape becomes increasingly complex, the integration of telecommunications connectivity and remote access for our team is becoming ever more important. BT, in partnership with Swisscom, have developed a proposition that we believe will yield a considerable advantage in an increasingly competitive marketplace, while allowing us to better focus on our core business. Our customers will benefit from BTâs deep understanding of the financial services market, innovative thinking, skills and expertise in the provision, and management of highly resilient networks, while Swisscom ensures the deep understanding of Swiss banking regulations, which was central in our decision making.â
Andy Green, CEO, BT Global Services, added: âWe are very excited to have been chosen by Credit Suisse as a long term business partner and believe the benefits will be significant for us all. We are committed to providing the financial services community with the specialized trading systems, high resiliency and low latency connectivity that are so vital to its success. BT believes that the future of integrated voice and data communications will be based on open standards, blended private and public infrastructures and networked embedded IT features and functions. We found in Swisscom a perfect partner, extremely well established in the home base of Credit Suisse, and with whom we can implement a smooth transition. We are proud that Credit Suisse has trusted us with the delivery of a truly integrated system based on leading technology and world-class service."
Urs Schaeppi, CEO Swisscom Solutions, said: âWe are delighted to be working with BT to deliver to Credit Suisse such an ambitious project. The special relationship between Swisscom and BT ensures the important focus on the Swiss market. Swisscom have a track record of excellence of service to Swiss corporations and we are confident that this is an ideal partnership for a large global deal with such a strong local dimension. We are also convinced that this will be a great opportunity for the dozens of Swiss employees who will be joining our teamâ