The Commonwealth Bank of Australia has signed a new information technology and telecommunications master agreement worth around $A480m with EDS that will see EDS continuing to provide midrange, mainframe and storage services to the Bank until June 2012. EDS' 10 year contract with the Commonwealth Bank was the world's largest financial services outsourcing deal at its signing in 1997. That contract matures in October 2007 and the enterprise processing services component of the original contract is the first piece to be renewed.
The Bank's CIO, Michael Harte, described the deal as "a significant first step in the Bank achieving its key objectives of more effective spend and improving customer outcomes." EDS Australia and New Zealand managing director, Chris Mitchell, said the two companies were "embarking on a new, more collaborative future together. This agreement will underpin all future service provisions and any expansion of services between EDS and the Bank."
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