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Banca Monte dei Paschi di Siena SpA outsources back-office operation-Reuters


Thursday, 28 Nov 2013 07:00pm EST 

Banca Monte dei Paschi di Siena SpA:Has reached an agreement to outsource its back-office operations and move 1,100 workers to a joint venture between Italian company Bassilichi and consultancy Accenture-Reuters.The deal, which had been expected after months of negotiations, is part of a restructuring plan for the Bank.Monte dei Paschi said in a statement the 1,100 workers involved will all be hired by the joint venture, in which Bassilichi has a 60 percent stake and Accenture the remaining 40 percent.The bank, which gave no financial details about the deal, has an 18-year contract with the joint venture starting in Jan. 2014.