Tata Consultancy Services to engage in comprehensive outsourcing for Ecuador's largest private bank

Tata Consultancy Services Ltd has announced that the Company has signed an agreement with Banco Pichincha, Ecuador's largest private bank, to provide a comprehensive outsourcing solution valued at over USS 140 million over a period of 5 years.

Banco Pichincha, a renowned regional leader in adopting innovation and new technology, has over 1.5 million clients, a loan portfolio of over US$ 1.5 billion and over 232 branches spanning Ecuador, Peru, Colombia, Panama, Spain & the United States.

The comprehensive solution being developed for the bank will include a complete renewal of the banks core banking solution with a TCS' BANCS solution followed by IT & BPO outsourcing of the banks operational processes. "This is the first BANCS implementation in Latin America and indeed the first ever strategic outsourcing of such comprehensive nature in this region, demonstrating Banco Pichinchas clear vision to play on the same level as the best run banks in the world" said Gabriel Rozman, President of TCS Iberoamerica.

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

In 2005 TCS had acquired Cornicrom, the leading BPO firm in Chile. "Having successfully integrated the acquisitions we had invested in last year, we are able to offer a complete end to end outsourcing solution to our banking clients. This strategic engagement with Banco Pichincha validates our strategy & marks TCS clear arrival as a full services player in the Banking sector" said N Chandrasekaran Head of Global Sales & Operations for the Company.

Source : Equity Bulls

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