KeyCorp is expanding its relationship with Alltel Information Services Inc.
Little Rock-based Alltel currently provides KeyCorp with conversion support services for the bank's mergers and acquisitions. It also has helped the bank to reorganize its back-office operations.
Under a recently signed agreement, Alltel would also provide its Advanced Loan System software to help KeyCorp consolidate its consumer loan portfolio.
In addition, Alltel would help support KeyCorp's drive to reorganize itself around specific customer segments - known as First Choice 2000.
"Alltel Information Services was a natural choice because of our partnership's successful track record in previous initiatives, such as mergers and acquisitions," said Allen J. Gula Jr., chairman of Key Services Corp., KeyCorp's technology and operations unit.
Terms of the "long-term" agreement were not disclosed.
KeyCorp, which has $66.3 billion in assets, said it plans to let Alltel run its consumer loan operations out of an Alltel facility in Little Rock.
Alltel will provide the bank with extra staffing for First Choice 2000.
"This decision contributes to the creation of a true nationwide franchise," said Patrick J. Swanick, executive vice president and group manager of Key Services.
