AGIS, the IT services subsidiary of German financial services group Allianz, has signed a €400m (£274m) outsourcing deal with Fujitsu Services.
Allianz has substantial operations across Europe, including Allianz Insurance, Alliance Global Investors and Kleinwort Benson Private Bank in the UK.
The five-year contract will see Fujitsu provide desktop, network and telecommunication services for AGIS, with 500 staff transferred to Fujitsu.
Under the terms of the deal, AGIS will continue to manage the services for Allianz and will have overall responsibility for projects, billing and engineering, while Fujitsu will focus on supply, installation, support and maintenance.
AGIS chief executive Kurt Servatius said: “With this long-term targeted partnership we gain flexibility and synergies to support our German customers Allianz Germany and Dresdner Bank with innovative and cost effective IT services.”
The Allianz subsidiary had chosen Fujitsu with an eye to the future prospects of transferred staff, he added. Fujitsu had its sights set on growth in the German IT services market, which was “the best basis for providing prospects for our employees in their areas of competence”, he said.