The estimated value of the 10-year extension is $420 million. Under the agreement, CGI will draw on the expertise of its global network through its Quebec-based centres of excellence in Sherbrooke, Shawinigan and Saguenay.

"We are pleased to renew and expand our relationship with CGI, which began more than a decade ago," said Dominique Fagnoule, Executive Vice-President, Information Technology at National Bank. "CGI has in-depth knowledge of the banking industry and broad professional expertise, enabling us to maintain and increase our competitive advantages and achieve our strategic objectives."

"We are honored to continue our strategic partnership with National Bank of Canada," said CGI's Guy Vigeant, Senior Vice-President, Greater Montreal. "Through our comprehensive IT services and world-class centers of excellence, we look forward to helping National Bank of Canada position itself for future growth and success. In addition, by drawing on the expertise of our centers of excellence under this new agreement, we will have the opportunity to boost regional employment."

CGI has 16,000 financial services experts working on 5 continents and serving 24 of the world's 30 biggest banks.