TCS bags $140mn deal from Banco Pichincha

Tata Consultancy Services (TCS) has signed a $140 million deal with Banco Pichincha, Ecuador's largest private bank, to provide a comprehensive outsourcing solution over a period of five years.

According to a release issued by TCS to BSE, Banco Pichincha has over 1.5 million clients, a loan portfolio of over $1.5 billion and over 232 branches spanning Ecuador, Peru, Colombia, Panama, Spain and the United States.

The comprehensive solution being developed for the bank will include a complete renewal of the bank's core banking solution with a TCS' BANCS solution followed by IT outsourcing of the bank's operational processes.

"This is the first BANCS implementation in Latin America, and the first- ever strategic outsourcing of such comprehensive nature in this region, and demonstrates Banco Pichinchas clear vision to play on the same level as the best-run banks in the world," Gabriel Rozman, president, TCS Iberoamerica, said.

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 delivery 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 the processes," Henry Manzano, CEO of TCS's BPO unit in South America, said.