EDS has confirmed it has been downselected by and is in exclusive final contract discussions with Bank of Bermuda to provide a comprehensive package of banking systems and end-to-end servicing of existing IT systems as the bank`s strategic IT services partner.
The bank estimates the contract value will be $375 million (375 million euros) over 12 years. The companies expect to conclude contract discussions in the new year.
As part of the proposed agreement, most Bank of Bermuda IT employees will transition to EDS.
EDS is the global leader in deploying technology for financial institutions. The company`s work in the worldwide financial services industry accounted for about 17% of the company`s revenue last year. More than 10 000 EDS employees work on finance-related projects in 29 countries for such customers as Lloyds TSB, KBC, Royal Bank of Scotland, Banca di Roma, Deutsche Bank, Bank One, Commonwealth Bank Group, Abbey National and Korea First Bank.
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EDS, the leading global services company, provides strategy, implementation, business transformation and operational solutions for clients managing the business and technology complexities of the digital economy. EDS brings together the world`s best technologies to address critical client business imperatives. It helps clients eliminate boundaries, collaborate in new ways, establish their customers` trust and continuously seek improvement. EDS, with its management consulting subsidiary, AT Kearney, serves the world`s leading companies and governments in 60 countries. EDS reported revenues of $21.5 billion in 2001. The company`s stock is traded on the New York Stock Exchange (NYSE: EDS) and the London Stock Exchange. Learn more at www.eds.com.
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