ABN Amro to renew $1bn worth of financial technology contracts, news report claims

8 September 2010

ABN Amro is expected to renew $1 billion worth of outsourcing contracts with financial technology vendors IBM, Infosys Technologies and Tata Consultancy Services, a news report has claimed.

According to the Economic Times of India, which cited unnamed sources, the Dutch bank is looking to reduce the number of suppliers of financial technology it works with to cut overheads.

The financial services provider originally signed a five-year deal worth an estimated £2 billion with five IT vendors.

Accenture and Patni were the other two companies chosen by the Dutch bank to work on its technology infrastructure in 2005.

IBM are expected to retain its contract to maintain desktops, computer servers and communication networks for the firm, a number of people familiar with the matter have claimed.

An anonymous source told the news provider: “TCS has already started handling incremental and new projects, and Infosys too has deep relationship with the bank, especially with Finacle. This leaves Patni and Accenture in a tight spot.”

ABN Amro cut 1,500 jobs following the outsourcing of the IT work in 2005.

By Jim Ottewill

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