ABN Amro confirms EDS IT outsourcing talks
20 August 2002 | 5468 views | 0
ABN Amro says it is in exclusive negotiations with Electronic Data Systems for a multi-year IT outsourcing contract for its wholesale banking business.
The contract, which will involve the transfer of around 1000 staff from ABN Amro to EDS, is valued at EUR1.5 billion and is expected to run for five years initially.
EDS says the proposed contract will rank among the largest IT agreements in the history of the banking industry, and among the largest agreements in the IT services industry this year.
The Dutch bank says talks with unions are likely be completed in the fourth quarter.
The news is a blow to Getronics, the troubled Dutch IT systems group, whose shares got a lift last week following newspaper reports that it had the contract in the bag.