Sumitomo Trust and Banking Corp. announced an outsourcing agreement with Telehouse International Corp. of America.
The five-year contract calls for the Staten Island, N.Y.-based outsourcing firm to manage Sumitomo's electronic data-processing functions, including its payment and core-accounting systems, from its Manhattan location.
"We based the decision to outsource our primary operations to Telehouse because of our first-hand experience with the organization," said Isao Takeuchi, the bank's general manager in New York.
Neither party would comment on the financial terms of the contract.
With $335 billion of assets, Osaka, Japan-based Sumitomo ranks as the 11th-largest bank in the world.