Astron Group has signed a seven-year deal worth 350m euros ($465m) to provide document processing services to financial services giant ING Groep NV.
Under the terms of the contract, which was first announced in May, Astron will perform print and email scanning, fulfillment, and application development, as well as other unspecified document-related services. Over 700 full-time ING staff are expected to transfer to Astron as part of the deal.
The completion of the agreement comes one month after ING finalized its 200m-euro ($266m) application development deal with LogicaCMG, part of a far-reaching overhaul of the bank’s IT and back-office administration operations. In total, ING plans to cut 500 jobs from its 13,000-strong Operations and IT division in the Benelux countries, and outsource a further 2,200 staff to third-party suppliers.
Huntingdon, UK-based Astron is a subsidiary of document management and printing services vendor RR Donnelley, having been acquired by the US firm for $990m in May 2005. At the time of the takeover, Astron claimed to be the fourth largest business process outsourcing provider in the UK.