PLANO, Tex. and SYDNEY, Australia - Commonwealth Bank of Australia has signed a seven-year, $700-million outsourcing contract with Electronic Data Systems Corp.
The contract, which was announced Thursday, covers integration of the technology services of Commonwealth Bank and its merger partner, Colonial Ltd. Some existing outsourcing agreements between Colonial and other providers are expected to continue despite the EDS contract.
In September 1997 Commonwealth Bank and EDS signed a 10-year, $3 billion outsourcing contract, the largest such deal in the banking industry. That deal remains in effect.
The merger of Commonwealth Bank and Colonial creates Australia's largest retail bank, with 10 million customers in 16 countries.