Indian services company Tata Consultancy Services announced today it had purchased Sydney-based core banking solutions vendor Financial Network Solutions for about US$26 million.
The Commonwealth Bank (CBA) has appointed an expert in open systems architecture, investment management software and systems development to its top technology post.
Investment and superannuation organisation Russell Investment Group has signed a seven-year, AU$140 million business transformation outsourcing deal with IBM.
The National Australia Bank has replaced chief information officer Ian Crouch with the current executive general manager of financial services Australia, Ian MacDonald as part of a management restructure designed to rebuild the reputation of the financial heavyweight.
The Commonwealth Bank plans to end a silo-based approach to IT that has seen the financial services giant's businesses act as up to six different customers when procuring products and services, chief executive Ralph Norris said.
The National Australia Bank has taken a pre-tax writedown of AU$409 million on its software assets for the year as botched initiatives such as its notorious global enterprise resource planning project take their toll on the financial institution's full-year bottom line.
The PeopleSoft-J.D. Edwards merger will enhance the combined entity's standing in the enterprise software space in Australia and pose a serious threat to SAP.
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