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HP bags $500 million outsourcing deal

European commercial bank WestLB turns to Hewlett-Packard to manage its worldwide tech services.

Hewlett-Packard on Wednesday said it has received a $500 million contract to provide global IT services for WestLB, a European commercial bank and financial services firm.

The five-year contract, which goes into effect on Jan. 1, will involve the transfer of 450 WestLB employees in Dusseldorf, Germany, London, New York and Tokyo.

Under the deal, HP will manage desktop PCs, mail systems, telephony systems and other workplace technology in WestLB's offices worldwide. The technology giant also will maintain and operate the bank's communication networks, including providing support for its Web site and intranet, and provide customer support.

The bank said it is outsourcing the information technology work to concentrate on core functions. "HP offered us a convincing customized service package that will provide flexible and cost-efficient solutions," Klaus-Michael Geiger, a member of WestLB's managing board, said in a statement.

The deal with WestLB is the latest in a string of outsourcing wins for HP. Last month, it extended an existing arrangement with handset maker Nokia and won an "Enterprise Data Center" contract with the U.S. Defense Department.