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Barclays expands strategic IT relationship with HCL Technologies

Posted On: 2018-12-04 18:34:53

HCL Technologies (HCL), a leading technology company has announced an expansion of its strategic relationship with Barclays. In addition to HCL being named as Barclays' preferred partner for IT infrastructure services, the two companies will commit to building the partnership globally, with particular opportunities regarding digital workplace services.

HCL will leverage its significant investments in Al and automation, including its award-winning automation platform DryICETM, to transform the user experience for more than 80,000 Barclays employees across 26 countries. HCL will also be providing mainframe services to Barclays.

As part of the deal, it is intended that approximately 460 Barclays employees in its Operations Center in Lithuania will transfer to HCL, which promises to start a new era of technology centers in Lithuania. The agreement with HCL forms the basis of the Barclay's decision to conclude its operations in Lithuania, with remaining employees being offered redundancy.

The contract between HCL and Barclays is yet to be executed pending banking regulatory notification;, both companies hope to conclude the deal during the first quarter of 2019.

Rahul Singh, President of Financial Services at HCL Technologies, commented: "Our partnership with Barclays is a significant endorsement of HCL's digital workplace and automation capabilities. We already employ more than 10,000 people in Europe, serving over 200 European clients. This new agreement will see HCL deliver transformational services to both Barclays and other major clients from Lithuania. Many well-known brands have already established their centers in Lithuania and we see good potential here due to the attractive investment climate and specialist talent. We will leverage these with our unique Mode 1-2-3 strategy to enable clients to reimagine their businesses for the digital age."

Global decision to optimize operations

Mariano Andrade Gonzalez, the Head of BGOL, commented: "We were the first foreign company to establish its service center in Lithuania, leading to other large foreign companies basing themselves here. We are proud to have been a key part of the rise of the IT and service sector, including complex operations management.

"While aiming to achieve the highest quality of business and services, we continuously review our operations in accordance with the long-term global strategy of Barclays. As one of the steps towards the implementation of this strategy, a decision has been made to optimize operations, meaning a number of roles could transfer to HCL Technologies, with whom we have worked closely for a few years.

"We chose HCL Technologies because we know the company well, we trust it and, together with our people, it shares our values, culture and ways of working."

Gonzalez praises Lithuania

M. Andrade Gonzalez also claims that even though today the role of Barclays in Lithuania is coming to an end, the company leaves its legacy.

"We are grateful to Lithuania for its hospitality, its talented specialists and a well-developed infrastructure, and we believe that we have done great things together, both in regard to business and in relation to the promotion of the country. We have always been, and will continue to be, ambassadors of Lithuania worldwide and will recommend Lithuania to our partners and foreign investors."

Shares of HCL TECHNOLOGIES LTD. was last trading in BSE at Rs.1038.4 as compared to the previous close of Rs. 1018.65. The total number of shares traded during the day was 153370 in over 1362 trades.

The stock hit an intraday high of Rs. 1042.3 and intraday low of 1017.9. The net turnover during the day was Rs. 158729933.


Source: Equity Bulls

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