Genpact Limited (NYSE:G), a global leader in transforming and running business processes, operations and technology, today announced a five-year, multimillion dollar services agreement to manage the U.S. IT operations for Credit Agricole CIB (CA-CIB), the Corporate and Investment Banking arm of the Credit Agricole group, the world's fifth-largest bank in total assets and Europe's fourth-largest bank by Tier one equity.
As a large multinational bank that must adapt to continued volatility and competitive market conditions, CA-CIB is embarking on a plan to make part of their operations more cost effective and flexible, while seeking continuous improvement and productivity in these operations. CA-CIB chose to partner with Genpact in this effort, whose IT capabilities are combined with analytics and Smart Enterprise Processes (SEPSM), its uniquely scientific approach to making processes more effective to drive business impact.
Under the terms of the outsourcing agreement, Genpact will provide end-to-end IT services to the U.S. entity of CA-CIB's business, including IT development and maintenance, production support, infrastructure management and user support including the trading floor. Genpact will provide the services from New York City and other global delivery locations in its footprint. The majority of the current IT staff of CA-CIB will become employees of Genpact and will continue to be based in New York City, and a number of them will be assigned to this project. CA-CIB operates in 50 countries, employing approximately 12,000 employees.
"With an existing strong relationship with Genpact and our CA-CIB operations in Paris, we knew that Genpact was the right partner for this initiative because of the company's deep capital markets domain expertise, onshore and offshore delivery excellence, and the ability to transform, streamline and manage IT operations to be more adaptive and address the continued volatility in the global financial market," said Jean-Francois Deroche, CEO of CA-CIB Americas. "We are confident that Genpact's integrated IT services will help us achieve our business objectives, stay competitive, and allow us to run smarter operations."
"Genpact is honored to continue our global, seven-year partnership with CA-CIB in their journey to make their U.S. IT operations more effective through our combination of smarter business processes, analytical insights and and domain-driven IT solutions for the capital markets industry," said Tiger Tyagarajan, president and CEO, Genpact. "Genpact's large footprint in capital markets and IT services continues to expand as we see more and more opportunities to help global financial institutions transform their business processes and operations in the face of continued market and economic volatility."