Focus Solutions Group plc, a leading provider of proven enterprise solutions to the financial services market, is pleased to announce the signing of a contract worth £4.9 million with HSBC Bank plc for the development and supply of the second major phase of a large-scale, multi-channel point of sale system, to support HSBC's wealth management strategy.
The majority of the contract value will be payable within the next 12 months, underpinning results for the current financial year, and is additional to the contract announced on 26 February which instigated the work.
The contract was awarded to Focus following its successful delivery of a significant consultancy project to scope the requirements for this major phase for HSBC, earlier in the year.
Focus continues to be involved in the development and roll-out of Phase One of this comprehensive system to support HSBC's distribution channels for life, pensions and investment products, which will complete throughout the UK later this year.
Richard Stevenson, Chief Executive, Focus Solutions, commented: "HSBC is a very important customer for us and we are very proud of the trust they have shown in us - it is a strong endorsement of our ability to provide sales automation solutions to leading financial services institutions.
"This new contract will underpin market expectations for the current year and provides strong endorsement for our marketing and sales to the bancassurance sector."
Helen Roberts, Business Programme Manager, HSBC, added: "We are delighted to be extending our relationship with Focus to include this key project. This contract marks a significant step in the major development program for Phase Two Focus has already made considerable progress on Phase One, which is now nearing completion and is already in use in selected areas of the UK, and we look forward to realising the business benefits."