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AMP Signs IT Management Contract with CSC

Australian financial services corporation AMP has signed a five year, AUS$550 million (US$314 million) complete outsourcing agreement with US-based Computer Sciences Corporation (CSC) following AMP's takeover of GIO Australia.

The expanded agreement, effective immediately, is for the management of AMP and GIO's combined IT infrastructure which includes all network, desktop and mainframe services, replacing the final three years of the original agreement which was to have ended in 2003.

CSC's Australian organization will provide AMP with access to global resources and skills to expand AMP services.

AMP said the deal reflects the company's strategy to be a creative and disciplined user of technology. "We have made tremendous progress in the integration of AMP and GIO this year to such an extent that our expectations of the businesses continue to grow," said AMP chief executive officer Paul Batchelor.