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Latest NewsHR strategyOffshoringOutsourcing

Lloyds TSB outsources finance operations to India

by Personnel Today 18 Apr 2006
by Personnel Today 18 Apr 2006


Lloyds TSB is offshoring its finance and accounting operations to India, under a five-year, multi-million pound deal.

Under the agreement, business services firm Xansa will provide the bank with accounts payable, employee expenses and fixed asset accounting services, from its outsourcing centres in India.

Xansa said it will process more than 330,000 invoices and 144,000 expense claims for Lloyds TSB each month.

Lloyds TSB said the deal would help it transform and standardise its operations to provide “significant cost savings”. This will also enable it to achieve service improvements.

Xansa already provides offshore back office services to Lloyds TSB from its Indian outsourcing delivery centres.

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The bank has not said whether the deal will lead to any job losses in the UK.

 

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Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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