TCS awarded $100 million Bank of China deal
16 Apr 2007
New Delhi: Tata Consultancy Services (TCS) is said to have signed a $100 million deal with the Bank of China to provide technology solutions. The deal is spread over five years.
The
contract can be termed as one of the major IT-related
deals signed by a Chinese bank and is timely for a company
aggressively expanding in China, industry sources said.
Bank of China had called for bids to revamp its IT infrastructure. It is the second-biggest lender in China and has the largest global network among all Chinese banks. The bank is looking at integrating its IT requirements for its international network.
Sources said the opportunity is seen as huge because the vendors who are able to bag the deal for the international network will get an edge for mainland operations of the bank. Chinese banks have not outsourced their IT development to external vendors.
TCS has built up a close relationship with Chinese trade finance and software products company China Systems.
The
latest deal came close on the heels of a seven-year,
$65 million agreement TCS had announced early this month
with Somerfield, a British small-format food retailer,
to provide a full range of managed IT services.