Bangalore: Hewlett Packard, one of the major technology services company, has won a major outsourcing contract of 400 crore from public sector lender Corporation Bank, outpacing some of India’s IT majors like Tata Consultancy Services (TCS) and Wipro.

The deal has come up at a crucial time when Indian IT giants like Infosys and TCS are snagging international outsourcing contracts coming up for renewal in the U.S. and Europe, outpacing IT greats like HP and IBM.

According to a senior Corporate Bank executive, HP won the seven-year contract because of its higher technical competency compared to Wipro and TCS. Both HP and Corporation Bank declined to comment.

The seven-year contract is mainly meant for switching and managing the bank’s core-banking software from the current version to a newer one. The current version is made by Chennai-based software company Polaris Financial Technology, whereas the new version will be by Finacle, under Infosys.

Under the terms and conditions, the deal can also be extended further three years at the bank’s discretion, whereas HP will be given all the rights to design and implement the necessary enterprise software, apart from maintaining the bank’s data centre.

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