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ICICI Bank engages Wipro for its digital services

ICICI Bank has tied up with IT major Wipro to provide a suite of digital services to its customers. The 7-year strategic deal is valued at $300 million. At the moment, Vara Infotech is providing technology services of this kind to the bank. Wipro said in a statement it has been providing innovative solutions to banks by leveraging its HOLME, an AI platform. The engagement with ICICI Bank will further strengthen the company’s endeavor to provide differentiated technology and digital capabilities to the financial services industry, it added. As part of this strategic engagement, Wipro will absorb about 3800 employees of Vara lnfotech along with its existing contracts, facilities and assets, through a business transfer agreement for an all cash consideration of Rs 321 crore and will provide these services to ICICI Bank from September 2019.

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