(Australia) – Australian regional bank Suncorp Metway has completed one of the market’s largest IT insourcing projects, saving a 5-year A$120 million and creating 80 jobs along the way.The Bank has integrated the IT operations of its A$1.4 billion 2001 acquisition, GIO, from insurer AMP with the key factor in achieving an on-time, on-budget result being to re-engineer the two insurance businesses and halving the annual bill for GIO’s infrastructure.
Under AMP, GIO’s mainframe, mid-range, NT server, desktop environment, IT helpdesk and voice and data network had been outsourced to CSC under a five-year contract.
Since its acquisition of the GIO business however, Suncorp has managed these operations internally and generated around A$30 million in annual savings with total savings forecast to reach over A$120 million by 2006 when the CSC contract expires.