Accenture and South Korean bank conglomerate Hanwha Group have signed an eight-year agreement whereby Accenture will provide technical assistance such as application management services to the banks and other financial affiliates of the Hanwha empire. The two companies will also promote new technology services to banks, insurers and other financial service companies throughout South Korea. The technical assistance agreement comes to $80 million, Bank Systems & Technology has learned. The companies would not share the dollar value of the joint marketing agreement.
Under the application management services agreement, Hanhwa S&C and Accenture will jointly manage various applications for Hanwha Group's financial services affiliates. The two companies will team to continuously improve the quality and performance of the IT services for the affiliates.
The two companies will implement Accenture's skills-development programs for both companies' IT professionals. In addition, Hanwha S&C and Accenture will work closely together to tailor Accenture's financial services solutions to the Korean market.