Westpac finalizes a new technology operating model
A new technology operating model has been finalized by Westpac apart from rationalizing chief finance and human resource systems as part of its $12 billion acquisition of St George Bank.
Already, a sum of $183 million has been spent by Westpac on the integration that includes $30 million to integrate technology functions in the six months to March 2009.
It has been estimated that the merger of St George and Westpac would cost $700 million when completed. Half of this spending might cover the integration of the banks’ technology systems.
The figures were today put forward by Westpac’s 2009 half-year financial report, which also included details of the early progress on the technology integration, along with establishing secure email connectivity between both banks, rolling out virtual desktop technology to enable both banks’ systems to be accessed by employees and a review of all third-party contracts.
A project has been commenced by Westpac with the aim to integrate finance functions across both banks including moving to a single general ledger.
The report said that the merged technology operation would influence existing applications and systems across both banks.
Till now, the integration has delivered $22 million in savings from procurement, sourcing and early technology 'synergies'.
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