IBJ Schroder Bank and Trust Co., New York, has signed a 10-year outsourcing deal with M&I Data Services Inc. The contract expands the vendor's previous service bureau agreement with IBJ Schroder's Miami office. Now, it will handle all of the data processing for the $5 billion-asset commercial bank. The value of the contract was not disclosed.
IBJ's systems are scheduled to operate out of M&I's data center in Brown Deer, Wis., starting in the first quarter of 1993.
John Banno, senior vice president of IBJ Schroder, said the bank's shifting focus toward domestic markets meant an added emphasis on cost-efficiency. "Through outsourcing our data processing function, we can substantially upgrade our product offering as well as achieve significant long-term savings," he said.
IBJ Schroder offers trading, investment, and cash management services to corporate customers, as well as trust and private banking services to high net worth individuals.
M&I Data Services, is a subsidiary of Marshall & Ilsley Corp., a $7.6 billion-asset bank holding company headquartered in Milwaukee.