Credit Suisse has confirmed that it is to outsource its telecoms and networking management to BT in a five-year, £578m deal.
The telecoms requirement will be delivered in partnership with incumbent operator Swisscom. It will address requirements across Credit Suisse’s enterprise and financial trading environments, with an additional focus on creating new service innovations.
The contract involves the management of Credit Suisse’s global networking function, which will include the transfer of 231 employees and 50 contractors.
It consists of a minimum five-year term with the option of extending the term to seven years. The total order value of the contract is estimated at £578 million.
BT said the agreement would allow Credit Suisse to take greater advantage of mobile and internet technologies and to use advanced exchange connectivity to provide secure business links at a lower cost and with less capital investment.
These technologies will help Credit Suisse further reduce network latency and improve trader effectiveness and collaboration in its investment banking activities.
The agreement will also establish a multimillion-pound innovation fund, sponsored by all three parties, to finance the development of technologies designed to enable Credit Suisse to enhance product and service delivery.
As a result, Credit Suisse will be in a position to generate greater levels of efficiency and productivity to better serve its clients, said the partners.
Tom Sanzone, CIO and executive board member at Credit Suisse, said, “As our business landscape becomes increasingly complex, the integration of telecoms connectivity and remote access for our team is becoming ever more important. BT, in partnership with Swisscom, have developed a proposition that we believe will yield a considerable advantage in an increasingly competitive marketplace, while allowing us to better focus on our core business.”
He said, “Our customers will benefit from BT’s deep understanding of the financial services market, innovative thinking, skills and expertise in the provision and management of highly resilient networks, while Swisscom ensures the deep understanding of Swiss banking regulations, which was central in our decision making.”
The bank revealed details of the contract, which will include the transfer of staff, after news of the deal was leaked earlier this month.
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