Infosys and IBM have won a 300 million euro IT deal to develop the computer system for the UK-based bank Williams & Glyn’s.
The bank (Williams & Glyn’s), which was dormant for about 30 years, is being revived by UK-based lender the Royal Bank of Scotland Group (RBSG). The bank is part of the RBS Group and is scheduled to launch operations by 2015.
RBS will spend over 300 million euro to develop computer systems for Williams & Glyn’s bank. Infosys and IBM will lead the project to build the system, which will be based on RBS’s computer platform.
The new bank will have 314 branches located mainly in the north-west England and it is scheduled to be floated on the London market in late 2015.
“RBSG has agreed a 600 million euro pre-IPO investment in its Williams & Glyn’s business (formerly known as Project Rainbow), which centres around 314 branches in the UK, with a consortium of investors led by global financial services specialists Corsair Capital and Centerbridge Partners,” said RBS in a statement last week.
RBS says it expects Williams & Glyn’s to be floated on the London stock exchange in the next two or three years.
It is not clear on how the job to develop the state-of-the-art system for the 314 branches will be divided between Infosys and IBM, PTI reported.
The acquisition of Switzerland-headquartered Lodestone Holding by Infosys in October last year has strengthened its consulting and systems integration capabilities and increased its global presence particularly in continental Europe, Latin America and Asia Pacific.
Europe, which includes continental Europe (both the East and the West), Ireland and the UK, is the second biggest revenue generator for the Bangalore-based Infosys after North America.