Thursday, December 01, 2005

Wachovia Corp. (NYSE: WB) and Genpact today jointly announced that the companies have signed an agreement for Genpact to establish an offshore operation to support Wachovia's business process outsourcing efforts.
The seven-year arrangement will provide Wachovia access to Genpact's global operations and initially will be located in India. Terms of the agreement were not disclosed.

"We're pleased to partner with Genpact, which has a proven track record in business process improvement," said Peter Sidebottom, director of corporate development and strategic initiatives at Wachovia Corporation. "Over the past year, Wachovia has made several decisions to outsource work to domestic and global partners who share our commitment to high quality and customer service excellence. We believe that establishing a presence in India with Genpact will improve productivity for our company and enable us to explore overseas growth opportunities. This relationship with Genpact will allow us to work with a company that has extensive experience in global operations and tap into expertise that will drive process improvement at our company."

"This agreement, which marks a major milestone in our growth andevolution, is a testimony to our process excellence and operating depth,especially in financial services. We look forward to working with Wachovia tohelp drive continuous improvement and productivity for the bank," said PramodBhasin, Genpact president and chief executive officer.

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