Calyon, the corporate and investment banking arm of France's Credit Agricole, has signed consulting, systems integration and application outsourcing agreements with Accenture and Capco.
The two three-year agreements are part of Calyon's IT investment programme, which is designed to support the bank's growing capital markets business with a particular emphasis on the booming derivatives market.
Commenting on the deals, Eric Baudson, global head of Calyon's capital markets supports, says: "IT excellence is vital to the rapid expansion of our capital markets business. We need to accelerate the development and optimise the costs of IT systems that help industrialise complex, high-volume capital markets operations."
He says the deals will provide Calyon with access to Accenture's and Capco's specialised onshore and offshore IT development services.
Farzine Fazel, a Capco partner describes the Calyon transformation project as "one of the largest investments in the re-organisation of IT within the capital markets industry".