Under the terms of the contract, Banco Pichincha will adopt TCS’s core banking application BANCS, with TCS also taking control of the bank’s entire IT infrastructure and providing business process outsourcing services. Mumbai-based TCS will set up a subsidiary in Ecuador to administer the deal, as well as utilizing its existing delivery center in Chile.
TCS has been expanding its operations in Latin America in recent years. In November 2005, the company paid $23m to acquire Chilean banking and pensions BPO provider Comicrom, and last year TCS secured key deals in the region with Transantiago and an unnamed financial services provider in Chile. Outside Chile, TCS’s Latin American operations cover Argentina, Bolivia, Brazil, Colombia, Ecuador, Mexico, Peru, Uruguay, and Venezuela.
The agreement with Banco Pichincha represents another significant contract win for TCS. In its most recent quarter, the company secured three deals worth over $50m and two worth over $100m.
