Indian digital services and consulting company Infosys has signed a contract worth $454m with Denmark-based Danske Bank to expedite the latter’s digital transformation efforts with speed and scale.

In line with the partnership between the companies, Infosys will also acquire Danske Bank’s IT centre in India, where more than 1,400 people are employed.

Infosys stated the contract is for a period of five years and it will have an option to renew for one additional year for a maximum of three times.

Under the contract, Infosys will accelerate the bank’s digital agenda by improving its IT operations and capabilities with the help of Infosys Topaz.

According to Infosys, Topaz is an artificial intelligence (AI)-first set of services, solutions, and platforms utilising generative AI technologies.

Infosys CEO and managing director Salil Parekh said: “We are delighted to bring our rich experience in financial services transformation to work for Danske Bank and help the bank accelerate its strategic growth agenda.

“Infosys will collaborate with Danske Bank to strengthen their core business with greater digital, cloud and data capabilities. This will help Danske Bank create more value for their customers using powerful advances in AI, including generative AI.”

Through the collaboration with Infosys, Danske Bank aims to realise its strategic objectives towards better customer experiences, operational excellence as well as a modernised technology landscape driven by next-generation solutions.

Danske Bank offers banking services to personal and business customers, large corporate, and institutional customers.

Danske Bank chief operating officer Frans Woelders said: “We have a strong starting point, and we want to further accelerate our digital and technology transformation. We have conducted a thorough process to find a partner that can help us achieve that.

“Infosys has the tools, experience, and expertise to support us in accelerating our transformation using cloud and AI technologies. Given Infosys’ global presence and scale, this collaboration will also give us access to wider talent pools and capabilities.”

The transaction, subject to customary conditions, is expected to be complete before Q2 2024.