First International Bank of Israel (FIBI) has awarded an eight-year IT outsourcing contract, worth around $120 million to local IT firm Ness Technologies and EDS Israel.
Under the deal, Ness and EDS Israel will assume responsibility for the bank's IT department, including its employees.
Ness will act as sub-contractor to EDS and will manage around a third of the services components.
Comments Yossi Levi, FIBI head of operations and IT division: "The bank believes that the project will lead to reduced expenses and/or to increased revenues on annual average of approximately $6 million, gross before taxes."