India's Tata Consultancy Services (TCS) has won a five year transformation and outsourcing deal worth $140 million with Banco Pichincha, Ecuador's largest private bank, as well as a multi-year core banking contract worth around $100 million with a Chinese bank, rumoured to be Bank of China.
The deal with Banco Pichincha includes the implementation of TCS's core banking technology Bancs. The vendor will also manage the bank's IT and operational processes under the outsourcing deal.
TCS says it is setting up a new BPO unit in Ecuador, which will employ over 500 personnel, and provide servicces to Banco Pichincha and other financial services firms in the region.
Henry Manzano, CEO of TCS's BPO unit in South America, says: "Our entry in Ecuador is part of a long term plan to invest in end grow in the country.
"We will retain all of Banco Pichinchas's current staff engaged in these processes and bring in our best human resources and practices worldwide to train our employees in Ecuador."
The Indian firm is also reporting a $100 million core banking contract with an un-named Chinese bank. Unconfirmed market rumours suggest the mammoth contract was awarded to TCS by Bank of China.
The deal is expected to include the roll out of the Bancs core banking platform across Bank of China's operations. The system will provide online transaction processing and reporting across multiple channels and include the integration of Bancs customer information file, deposits, loans, payments, as well as front end teller branch delivery and TCS's anti-money laundering software.