"As part of the deal, it is intended that approximately 460 Barclays employees in its operations centre in Lithuania will transfer to HCL, which promises to start a new era of technology centres in Lithuania. The agreement with HCL forms the basis of the Barclays' decision to conclude its operations in Lithuania, with remaining employees being offered redundancy," an HCL release said.
Apart from HCL being named as Barclays' preferred partner for IT infrastructure services, the two will commit to building the alliance globally, with specific opportunities in digital workplace services, a HCL statement said.
HCL will leverage its investments in AI (artificial intelligence) and automation, to transform the user experience for over 80,000 Barclays employees spread across 26 countries. HCL would also provide mainframe services to Barclays.
The contract between HCL and Barclays is yet to be executed pending banking regulatory notification, the statement said adding that both the companies hope to conclude the deal during the first quarter of 2019.
"This new agreement will see HCL deliver transformational services to both Barclays and other major clients from Lithuania. Many well-known brands have already established their centres in Lithuania and we see good potential here due to the attractive investment climate and specialist talent," Rahul Singh, president of Financial Services at HCL Technologies said.