First Union Corp. expects more foreign banks to sign with it soon for processing, as Australia and New Zealand Banking Group Ltd. did last week.

"Outsourcing is the wave of the future, and we expect more such agreements as banking consolidates and banks seek to become more efficient," said Charles L. Coltman 3d, executive vice president and head of global corporate banking at the Charlotte, N.C., company.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.