The Commonwealth Bank of Australia (CBA) has extended its existing telecommunications contract with Gen-i to February, 2009.
Gen-i, which is Telecom New Zealand's business ICT services arm has been providing managed telecommunications services to the bank since the year 2000.
The agreement includes the provision of voice and data services to all staff in Australia.
The company's Australasian general manager, Rhoda Holmes, said the new agreement will optimise services on the integrated AAPT/Powertel network.
"We will develop a long term strategy and roadmap for the bank's telecommunications and ICT services utilising Gen-i's expertise and partnerships in Australasia," she said.
This includes significant price reductions to take full effect in this financial year.
Holmes said Gen-i will achieve a large part of these savings through the migration of services to the new AAPT/Powertel network, a migration that the CBA supports under this deal.
"This agreement is a key example of our commitment and ability to support the strategic objectives of the CBA. We both see this as the next step in making the relationship more sustainable," she said adding there will be plans to explore further IT and telephony opportunities.
"We expect to deliver further benefits for CBA through our integrated AAPT/PowerTel network and we will continue to explore opportunities that make good commercial sense for both parties."