Spanish bank extends EDS deal valued at $240M

EDS will develop new banking and insurance software as part of deal

Spanish bank La Caixa has extended its agreement with Electronic Data Systems Corp. (EDS) to provide IT and business process outsourcing services for four more years in a deal valued at €200 million (US$240 million).

EDS has been working with the bank since 1996.

Under terms of the deal, EDS will develop new banking and insurance software and applications architecture, the company said Tuesday. The IT service provider will also manage La Caixa's contact center, which supports the bank's branches.

In addition, EDS will integrate mainframe, midrange and network operations.

La Caixa runs 4,800 branches and 7,000 ATMs.

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