Australia's BankWest has sold its 49% stake in IT outsourcing joint venture Unisys West to its tech partner. Financial terms were not disclosed.
The sell-off follows the $2.1 billion acquisition of BankWest by Commonwealth Bank of Australia. However, the Perth-based regional bank had already begun to move some services back inhouse in 2006, after outsourcing most of its IT infrastructure to Unisys West in 2002.
The unit has now become a wholly-owned subsidiary of Unisys Australia and will continue to provide IT services to public sector clients, says the company in a statement.
Unisys says it will continue to provide a number of other services to BankWest including hardware maintenance services, application software and maintenance support, and business process outsourcing for cheque processing.