Commonwealth Bank of Australia has taken a 35% stake in the local subsidiary of outsourcing giant EDS Corp, according to a Bloomberg report. The bank, one of the four largest in Australia, handed over $240m for the stake. The deal is part of a freshly signed $3.8bn agreement which will see EDS Australia take over all IT functions at Commonwealth Bank. It marks the first time that an outside investor has taken a stake in any of EDS’ operations worldwide. The bank has decided to spend more money on its IT development because it wants to develop more advanced electronic commerce offerings.
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