TCS inks $140m deal with Banco Pichincha

Tata Consultancy Services (TCS) has signed an outsourcing solutions agreement of $140 million (around Rs 620 crore) for a period of five years with Ecuador's largest private bank, Banco Pichincha.

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

"This initiative would 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.

The comprehensive solution being developed for the bank would include a complete renewal of the banks core banking solution with TCS´ BANCS solution followed by IT and 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 500 personnel in the country supported by its 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 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.