National Bank of Canada and CGI sign new five-year agreement worth $350M
National Bank of Canada (TSX: NA) and CGI Group Inc. (TSX: GIB.A) (NYSE: GIB) have signed a five-year information services contract valued at $350 million.
For 11 years, CGI has provided National Bank with application development and support services. Under the terms of the new contract, National Bank will continue to benefit from the expertise of CGI and its professionals in maintaining and developing its banking information systems.
“We are renewing our contract with this strategic Quebec partner because of the value of CGI’s services and its knowledge of the banking industry,” stated Louis Vachon, President and Chief Executive Officer of National Bank of Canada. “CGI’s highly skilled professionals will therefore continue to make a sustained contribution to the deployment of our business strategies.”
“We are very pleased to provide National Bank with a wide range of high-quality IT services that contribute to the growth and success of its business,” said Serge Godin, Founder and Executive Chairman of the Board of CGI. “CGI is privileged to have served National Bank for more than 10 years, and this contract renewal demonstrates once again the unwavering commitment of CGI professionals who work tirelessly to deliver world-class services to National Bank.”
About National Bank of Canada
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has over $156 billion in assets and, together with its subsidiaries, employs 19,431 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca.
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 31,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices and centers of excellence in Canada, the United States, Europe, and Asia Pacific. As at September 30, 2011, CGI's revenue was $4.3 billion and its order backlog was $13.5 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in both the Dow Jones Sustainability Index and the FTSE4Good Index. Website: www.cgi.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements” within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are “forward-looking information” within the meaning of Canadian securities laws. These statements and this information represent CGI’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly evolving IT industry; general economic and business conditions; foreign exchange and other risks identified in the press release, in CGI’s annual and quarterly Management’s Discussion and Analysis (“MD&A”), in CGI’s Annual Report, in CGI’s Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov), and in the Company’s Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at www.sedar.com), as well as assumptions regarding the foregoing. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “foresee,” “plan,” and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
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