WM-data has won a five-year contract for Swedbank's IT development and applications management. As part of the agreement, LogicaCMG will set up a dedicated centre for the bank within its operations in Bangalore, India.
Initially, the agreement includes application development on behalf of Swedbank in Sweden.
Fredrik Runnquist, manager shared services, Swedbank, says: "This is a very good partnership agreement. Swedbank Group IT receives additional resources and flexibility for development and applications maintenance. Our delivery capacity increases. At the same time, the partnership enables us to improve cost efficiency for the bank as a whole."
WM-data says the new contract marks its second substantial deal in the financial services market in Sweden recently, after earlier this month announcing a new contract with Swedish clearing house Bankgirocentralen (BGC) for development and management services.
LogicaCMG acquired Nordic IT services firm WM-data in October 2006, and in January this year it established a new international outsourcing division in the aftermath of an executive shakeup and the appointment of Andy Green as CEO.