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The Bank of Queensland expects the outsourcing arrangement to yield $52m (£36m) in savings over the life of the contract and support its growth and expansion plans.
The bank plans to open 34 new branches in Queensland by August 2004. By entrusting its IT tasks to an outsourcer, the companies said, the bank can focus on its core business.
The contract stipulates that EDS will handle the bank's IT operations, launch an online banking system before the middle of the year and manage call centre and back office tasks, such as loans processing, mortgages and credit card activity.
EDS will absorb 220 Bank of Queensland IT employees as part of the deal, increasing EDS' headcount in Australia to about 7,000.