LTIMindtree [NSE: LTIM, BSE: 540005], a global technology
consulting and digital solutions company, today announced a
multi-million dollar contract extension with Absa Bank, a leading
African financial services group. This reinforces LTIMindtree's
position as Absa Bank’s trusted strategic technology partner. The
extended partnership builds upon a successful 17-year
collaboration, where LTIMindtree has been instrumental in driving
Absa Bank's digital transformation journey, fostering growth and
efficiency.
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(L to R) Srinivas Rao, EVP & Chief
Business Officer, LTIMindtree; Johnson Idesoh, Group Chief
Information and Technology Officer, Absa Group; Sudhir Chaturvedi,
President & Executive Board Member, LTIMindtree; Muhammad Ali
Bhikhan, Chief Information Officer for Absa Regional Operations.
(Photo: Business Wire)
Absa Group Limited, a publicly traded company on the JSE, is one
of Africa's largest diversified financial services groups. The
company has footprints across 12 African countries, China, the
United Kingdom, and the United States. LTIMindtree will act as a
one-stop shop for Absa Bank's IT needs, providing comprehensive
services to bolster its digital infrastructure. This includes
deploying cutting-edge solutions in Digital Transformation, Applied
AI, Cloud Acceleration, Data-Driven Decision Making, and Core
Banking Modernization.
Johnson Idesoh, Group Chief Information and Technology
Officer at Absa Group, said, “Adopting modern IT systems and
capabilities has always been our priority to ensure exceptional and
seamless customer experiences. With a relationship of 17 years,
LTIMindtree has delivered tangible business value to our banks,
over a protracted period. At the same time, LTIMindtree, through
process optimization and the application of advanced technology
like Automation and Generative AI, has helped us lower total cost
of ownership by 46% over the last 5 years. This ties in with our
technology transformation journey. Together, we deliver stable and
robust services to our customers in the African continent. We are
confident that extending this partnership will enable our business
growth even further and assist us to continuously enhance value for
our customers, making our banks even more competitive.”
Sudhir Chaturvedi, President & Executive Board Member,
LTIMindtree, said, “We are proud to be a trusted strategic
partner for Absa Bank, celebrating over 17 years of successful
collaboration. Through this renewal, we will continue to deliver
best-in-class core banking solutions, encompassing digital, branch,
and payment technologies for Absa's customers. These solutions span
multiple markets and focus on increased localization. We are
confident that through our deep industry knowledge and advanced
data and analytics capabilities, we will continue to accelerate
Absa Bank's transformation journey. This will empower them to
achieve their strategic goals of becoming a client-centric and
technology-first bank.”
This strengthened partnership solidifies LTIMindtree's
leadership in the Banking, Financial Services, and Insurance (BFS
& I) sector. By leveraging its domain expertise, robust
technology solutions, industry-specific offerings, and a powerful
partner ecosystem, LTIMindtree empowers BFS & I clients to
achieve true end-to-end transformation. This includes core
modernisation, go-to-market innovation, cloud adoption, data-driven
decision-making, and enhanced customer engagement through
insightful analytics, personalised marketing, and tailored
experiences.
About LTIMindtree
LTIMindtree is a global technology consulting and digital
solutions company that enables enterprises across industries to
reimagine business models, accelerate innovation, and maximize
growth by harnessing digital technologies. As a digital
transformation partner to more than 700 clients, LTIMindtree brings
extensive domain and technology expertise to help drive superior
competitive differentiation, customer experiences, and business
outcomes in a converging world. Powered by 81,000+ talented and
entrepreneurial professionals across more than 30 countries,
LTIMindtree — a Larsen & Toubro Group company — solves the most
complex business challenges and delivers transformation at scale.
For more information, please visit www.ltimindtree.com
About Absa Bank
Absa Group Limited (‘Absa Group’) is listed on the Johannesburg
Stock Exchange and is one of Africa’s largest diversified financial
services groups.
Absa Group offers an integrated set of products and services
across personal and business banking, corporate and investment
banking, wealth and investment management and insurance.
Absa Group owns majority stakes in banks in Botswana, Ghana,
Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania
(Absa Bank Tanzania and National Bank of Commerce), Uganda and
Zambia and has insurance operations in Botswana, Kenya, Mozambique,
South Africa and Zambia. Absa also has representative offices in
China, Namibia, Nigeria and the United States, as well as
securities entities in the United Kingdom and the United States,
along with technology support colleagues in the Czech Republic.
For further information about Absa Group Limited, visit
www.absa.africa.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717330639/en/
LTIMindtree Shambhavi Revandkar | Global Media Relations
| shambhavi.revandkar@ltimindtree.com Absa Group Limited
Daniel Munslow | Managing Executive: Group Communications |
PRmedia@absa.africa