Munich, 2005-Jan-26
Siemens Business Services has today announced the extension of its business process outsourcing (BPO) contract with Barclays plc, the UK-based bank.
The two-year contract extension is worth approximately £45 million (EUR 65 million) and will run to 2007. Siemens will continue to manage areas of Barclays’ retail banking back office operations. The contract also includes Barclaycard, its credit card subsidiary. In terms of market capitalisation Barclays is one of the top ten largest banks in the world.
Siemens has been running areas of Barclays’ retail banking back office since 2000 - including: account closures, transfer of funds and administrative processing for direct debit and standing order instructions. Back office operations have been transformed through improved operational efficiencies and the deployment of new technologies, using the Siemens global service delivery platform.
"Since the relationship began, Barclays has enjoyed a high standard of service from Siemens Business Services. This has allowed us to focus on our core business and continue to build on our commitment to exceptional customer services", says John Stewart, Service Manager, Branch & Customer Account Services at Barclays.
"I see this contract extension as further evidence of our BPO competencies and our sound expertise in the financial services industry", stated Adrian v. Hammerstein, Group President of Siemens Business Services. Siemens Business Services established a UK-based internationally operating business unit for BPO in October 2004.
About Barclays
Barclays is a UK-based financial services group engaged primarily in banking, investment banking and investment management. In terms of market capitalisation Barclays is one of the top ten largest banks in the world.
A leading UK retail and business bank, it also provides coordinated global services to multinational corporations and financial institutions worldwide. Barclays has been involved in banking for over 300 years and operates in over 60 countries with over 76,200 employees. For the half year ended 30th June 2004, the group achieved a pre-tax profit of £2,411 million. Shareholders' funds were £17.1 billion and the Tier 1 capital ratio was 7.7 per cent.
About Siemens Business Services
Siemens Business Services is an internationally leading IT service provider. This Siemens Group offers services all along the IT service chain from a single source - from consulting to systems integration, right through to the management of IT infrastructures. Thanks to comprehensive know-how and sector-specific expertise, the company provides measurable added value for its customers.
With regard to outsourcing and IT maintenance, Siemens Business Services is among the top ten providers worldwide. Sales in fiscal year 2004 (ending 30 September 2004) came to around EUR 4.7 billion, 76 percent of which was achieved outside the Siemens organisation. Siemens Business Services currently has approx. 36,100 employees worldwide.
About Siemens in the UK
Siemens was established in the United Kingdom 161 years ago. The company employs 20,317 people in the UK, including about 5,000 in the manufacturing sector. With annual revenues of £2.6 billion, including exports of almost £400 million, Siemens provides innovative, high-quality services and solutions to customers in a diverse range of industry sectors comprising: power, automation and control, information and communication, medical, transportation, lighting, and household.
Siemens operates through a decentralised structure, with its headquarters in Bracknell, Berkshire. The company’s structure reflects that of its parent company, Siemens AG, headquartered in Munich, Germany.
Mr. Rob Simpson
Corporate Communications, Siemens plc
Tel: +44 (0)1344 396338
Fax: +44 (0)1344 396693