Hewlett-Packard Co. (HP) on Wednesday announced a 10-year outsourcing contract from the Bank of India in Mumbai. The US$150 million contract is the largest won by HP Services for financial services in the Asia-Pacific region, according to Natarajan Sundaram, country head for marketing and strategy at HP Services India.

The contract includes IT-enabled transformation in a fully outsourced model. The contract calls for Palo Alto, California-based HP to implement and manage a core banking system across 750 Bank of India branches, a majority government-owned bank. Finacle, software from Infosys Technologies Ltd. of Bangalore, India, forms the system.

Finacle is a centralized and integrated corporate, retail and trade finance solution that is multi-currency, multi-platform and workflow enabled.

“This is the first time we at HP are looking at the outsourcing of the core banking function in the Asia-Pacific region,” said Sundaram. Several multinational companies competed for the contract, including IBM Corp., said a source at the bank who declined to be quoted.

Under the contract, HP will implement and manage a data warehousing and document imaging solution, and provide integrated channel management, including telebanking, Internet banking and automated teller machines, according to a statement from HP.

Besides partnering with Infosys on the core banking platform, HP is also working with Oracle Corp. of Redwood Shores, California, for database and data warehouse solutions.