VanceInfo Technologies Inc. (NYSE: VIT) ("VanceInfo"), an IT service provider and one of the leading offshore software development companies in China, today announced it has signed a contract to deploy an Outsourced Development Center ("ODC") for China Merchants Bank (HKEx: 3968) ("CMB"), a top seven national commercial bank in China.
VanceInfo has begun establishing the ODC to help develop comprehensive supporting systems and management applications to facilitate CMB's core business, enabling large scale system reengineering and innovation in corporate finance, credit management, risk management and internal auditing.
As one of the best managed banks in China, CMB has a rapidly expanding customer base and over 500 branches in mainland China. Known for its highly disciplined management and advanced IT systems, CMB has been a pioneer in developing and upgrading its IT infrastructure to support its transformation into a premier Chinese financial institution operating to global standards.
Mr. Chris Chen, CEO of VanceInfo, said, "We are proud that CMB has entrusted VanceInfo with its first ODC after a rigorous selection process involving substantially all major China-based outsourcing vendors. We believe the new assignment underscores our delivery capabilities for financial services clients and heralds further growth for VanceInfo in this field. VanceInfo is committed to building a successful ODC delivery model for CMB to support its continued growth and operational excellence. We look forward to a long term partnership with this strategic client."