TCS bags multi-million euro deal from Norway's DNB group
Mumbai: Country's largest software services firm Tata Consultancy Services (TCS) Tuesday said it has bagged a multi-million euro deal from Norwegian firm DNB.
Under the six-year managed services contract, TCS will handle delivery of application maintenance and development services across DNB's IT portfolio, spanning channels, core-banking and master data areas, TCS said in a statement.
"This is an important and concrete step in DNB's transformation process. It will lead to increased stability in IT operations, high degree of efficiency, and easy access to competencies and skills across the entire IT area," DNB Head of IT and Operations Liv Fiksdahl said.
DNB is Norway's largest financial services group with 32 percent market share in the retail market in Norway and total group assets exceeding 2,000 billion NOK.
The DNB Group offers a full range of financial services, including loans, savings, advisory services, insurance and pension products, for retail and corporate customers and the public sector. It has over 13,000 employees.
Beyond Norway, DNB has presence is 19 countries.
Present in the Nordic region since 1991, TCS' Nordic operations comprise over 5,500 professionals working across Sweden, Finland, Norway, Denmark and Iceland.
"The financial services sector is heavily impacted by the confluence of technology, evolution of regulatory requirements and change in customer behaviour. We see DNB being on the fore-front of driving the actual execution that this new environment requires," TCS North Europe Head Amit Bajaj said.