TelstraClear signs banking deal

By PETER GRIFFIN

TelstraClear has used its strong transtasman connection to pick up millions of dollars worth of business servicing the banking sector.

The National Australia Bank will outsource all its telecoms requirements to Telstra in Australia with TelstraClear picking up the BNZ's telecoms, data and mobile business in New Zealand.

The five-year deal will transfer seven staff from BNZ to TelstraClear. Across the Tasman more than 60 NAB employees will join Telstra.

TelstraClear's chief executive Rosemary Howard said the deal would be worth "hundreds of millions of dollars" to TelstraClear and Telstra across the region, but would not reveal how much would come from the New Zealand portion of the contract.

"It's a good sign of what transtasman cooperation can achieve. [The contract] is up there with some of our biggest," said Howard.

The banks are expected to save A$110 million ($126 million) over the five years.