EDS Aust in buyback from Comm Bank

EDS has announced that EDS Australia has reacquired the Commonwealth Bank's 35 percent stake in EDSA.

In announcing the change, EDSA chairman Steve Schuckenbrock noted the changes to the IT environment since the outsourcing agreement between both organizations was signed in 1997.

"It is a measure of the maturity of the Commonwealth Bank and EDS relationship that the time is right for this transaction to occur," Schuckenbrock said.

"When the Commonwealth Bank and EDS announced the 10-year contract in 1997, an important part of the deal was for the bank to take an equity position with EDSA.

"However, a jointly-owned company is not required for EDS and the Commonwealth Bank to have a strong, constructive business relationship moving forward."

Schuckenbrock said EDS would continue to deliver services to the Commonwealth Bank in accordance with its contract.

"EDS has a deep commitment to growing its business in the Asia-Pacific region," Schuckenbrock said.

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