LTIMindtree Expands Multi-Million Dollar Partnership with Absa Bank to Drive Digital Transformation
LTIMindtree [NSE: LTIM, BSE: 540005], a global leader in technology consulting and digital solutions, has announced the extension of a multi-million dollar contract with Absa Bank, Africa’s leading financial services group. This extension solidifies LTIMindtree’s role as a key strategic technology partner for Absa Bank, following a successful 17-year collaboration that has significantly advanced Absa’s digital transformation efforts, enhancing growth and operational efficiency.
Absa Group Limited, listed on the JSE, is one of Africa’s largest and most diversified financial services groups with operations in 12 African countries, as well as China, the UK, and the US. LTIMindtree will continue to serve as a comprehensive IT partner for Absa Bank, providing end-to-end services designed to bolster its digital infrastructure. These services will include advanced solutions in Digital Transformation, Applied AI, Cloud Acceleration, Data-Driven Decisioning, and Core Banking Modernisation.
Johnson Idesoh, Chief Information and Technology Officer at Absa Group, remarked: “Implementing modern IT systems and capabilities has been crucial for us to deliver an exceptional and seamless customer experience. Over the past 17 years, LTIMindtree has added substantial business value to our operations. Their process optimization and advanced technologies, including automation and generative AI, have helped us cut our total cost of ownership by 46% in the last five years. This aligns with our technology transformation journey, and together we offer robust services to our customers across Africa. We are confident that this expanded partnership will further drive our business growth and enhance customer value, making our banks even more competitive.”
Sudhir Chaturvedi, Chairman and Executive Board Member of LTIMindtree, stated: “We are honored to continue our role as a trusted strategic partner of Absa Bank, celebrating over 17 years of successful collaboration. With this renewed contract, we will continue delivering premier core banking solutions across digital, branch, and payments technologies. Our focus on increased localization and deep industry expertise, coupled with advanced data and analytics capabilities, will support Absa Bank in achieving its strategic goals of becoming a more customer-centric and technology-driven institution.”
This strengthened partnership underscores LTIMindtree’s leadership in the Banking, Financial Services, and Insurance (BFS&I) sector. By leveraging its industry expertise, comprehensive technology solutions, and robust partner ecosystem, LTIMindtree supports BFS&I clients in achieving full-scale transformation, including core modernization, innovative go-to-market strategies, cloud adoption, data-driven decision-making, and enhanced customer engagement through analytics and personalized experiences.
About LTIMindtree
LTIMindtree is a global technology consulting and digital solutions firm that helps businesses across industries reinvent their models, accelerate innovation, and drive growth using digital technologies. Serving over 700 clients as a digital transformation partner, LTIMindtree combines deep domain and technological expertise to deliver superior competitive differentiation and business outcomes. With over 81,000 professionals across 30+ countries, LTIMindtree, a Larsen & Toubro Group company, addresses complex business challenges and delivers large-scale transformations. For more information, visit www.ltimindtree.com.
About Absa Bank
Absa Group Limited, listed on the Johannesburg Stock Exchange, is one of Africa’s largest diversified financial services groups. Absa provides a comprehensive range of products and services in personal and business banking, corporate and investment banking, wealth and investment management, and insurance. With a presence in multiple African countries and operations in China, Namibia, Nigeria, and the US, Absa is a major player in the financial sector. For more information, visit www.absa.africa.
