Grupo Santander, a Spanish bank holding company, has signed a 10-year agreement for Electronic Data Systems Corp. to process data for its Puerto Rican units.

A well-placed source said the contract's value approaches $100 million, Bobby Grisham, president of the EDS unit dealing with large financial institutions, said it was a "mega-contract."

Plano, Tex.-based EDS, a General Motors Corp. subsidiary, has contracted to run core sustems, back office functions, and telecommunications for Banco Santander Puerto Rico, Santander National Bank, and Santander Overseas Bank. Their assets total $5.5 billion.

Small-Business Lenders

The units are primarily wholesale banks with many small-business loans.

EDS will provide new technologies, including check image processing services, to the Puerto Rican subsidiaries.

Grupo Santander, a $60 billion-asset holding company based in Madrid, owns a minority stake in First Fidelity Bancorp., Lawrenceville, N.J., one of EDS' largest outsourcing customers.

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