News: TCS bags $140 m contract from Ecuador bank

(UNI 16/01/2007) New Delhi - Leading software exporter Tata Consultancy Services (TCS) has signed an agreement with Banco Pichincha, Ecuador's largest private bank, to provide a comprehensive outsourcing solution valued at over 140 million dollars over a period of five years.

TCS will set up a new company in Ecuador, which will comprise over 500 personnel in the country supported by its offshore Business Process outsourcing (BPO) center in Chile and Global Deliver Centers across the world, it said in a statement.

''Our entry in Ecuador is part of a long term plan to invest in and grow in the country. We will retain all of Banco Pichincha´s current staff engaged in these processes and bring in our best human resources and practices worldwide to train our employees in Ecuador,'' said Henry Manzano, CEO of TCS' BPO unit in South America.

The deal would include a complete renewal of the banks core banking solution with a TCS' banks solution followed by IT and BPO outsourcing of the banks operational processes, it said.

Banco Pichincha has over 1.5 million clients, a loan portfolio of over 1.5 billion dollars and over 232 branches spanning Ecuador, Peru, Colombia, Panama, Spain and the United States.

''This initiative will be a critical part of our business strategy as we continue to create excellent results in improving our business efficiency ratios,'' said Antonio Acosta, Joint President of Banco Pichincha.

TCS Iberoamerica (TCSI) is the business arm of TCS operating across Spanish and Portuguese speaking regions of the world.