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.

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