Electronic Data Systems (EDS) Canada has signed a $267m (£190.8m)
agreement with the Bank of Canada to provide all business
operations supporting the sale, customer service and redemption of
savings bonds issued by the Canadian government over the next
nine-and-a-half years.
As part of the deal, 500 Bank of Canada staff will join EDS Canada
and the bank's retail debt program operations will transfer to EDS
Canada's expanded office facilities in Ottawa.
Michael Mansfield, executive vice-president of EDS Canada's
business process management, said The Bank of Canada is following a
pattern established by other financial institutions globally.
Mansfield pointed to a similar outsourcing deal that EDS Canada
signed with CIBC in March. In that $151m deal, EDS will manage
CIBC's human resources over seven years.
The Bank of Canada is the country's central bank responsible for
monetary policy, central banking services, bank notes and
administering public debt.
The award to EDS Canada is the result of a competition initiated by
the Bank of Canada in June 2000.