Banca Monte dei Paschi di Siena outsources key administrative services

Banca Monte dei Paschi di Siena (OTC: BMDPF) said it has signed an 18-year agreement with Bassilichi and Accenture (NYSE: ACN) to provide services to the bank as part of its plan to streamline its operations.

Bassilichi and Accenture are expected to deliver a number of services through a joint venture that is 60 percent owned by Bassilichi and 40 percent owned by Accenture. As part of the agreement, approximately 1,100 Banca Monte dei Paschi di Siena employees are expected to transfer to the new venture from the bank´s administrative, accounting and auxiliary division. All transferring employees will retain their national bank workers´ contract.

Bassilichi and Accenture are expected to begin delivering services in January 2014 once the agreement, which is subject to regulatory approvals and the completion of union consultations, closes. The initiative brings together Bassilichi´s and Accenture´s industry expertise and advanced technical capabilities to enhance the quality of the bank´s back-office services and better align its human resources.

Banca Monte dei Paschi di Siena S.p.A. provides various banking services in Italy and internationally. The company was founded in 1472 and is headquartered in Siena, Italy. The company´s website is at http://www.mps.it.

The Bassilichi Group is one of Italy´s major players in the business process outsourcing sector. For more information, visit the company´s website under www.bassilichi.it.

Accenture is a global management consulting, technology services and outsourcing company, with more than 275,000 people serving clients in more than 120 countries. Its home page is www.accenture.com.

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