Barclays has shelled out £45m to extend its existing business process outsourcing contract with Siemens Business Services for a further two years.
The deal covers management of retail banking back-office operations across Barclays PCL and its Barclaycard credit card subsidiary.
Siemens has been running areas of Barclays' retail banking back office since 2000 including account closures, transfer of funds and administrative processing for direct debit and standing order instructions.
Phil Heggie, global director, financial services, business process outsourcing, for Siemens, claimed that by outsourcing back-office tasks Barclays had been able to expand the number of employees deployed in customer facing roles.
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