Banca Monte dei Paschi di Siena engages Bassilichi, Accenture to support key administrative services
Bassilichi and Accenture to support bank’s accounting, administration, other back-office services through newly formed joint venture
Banca Monte dei Paschi di Siena has signed an 18-year agreement with Bassilichi and Accenture (NYSE: ACN) to provide finance and accounting, administration, and other back-office services to the bank as part of its strategic restructuring plan to streamline and rationalize its operations.
Bassilichi and Accenture are expected to deliver a number of services through a joint venture that is 60 percent owned by Bassilichi and 40 percent owned by Accenture. As part of the agreement, approximately 1,100 Banca Monte dei Paschi di Siena employees are expected to transfer to the new venture from the bank's administrative, accounting and auxiliary division. All transferring employees will retain their national bank workers’ contract.
Bassilichi and Accenture are expected to begin delivering services in January 2014 once the agreement, which is subject to regulatory approvals and the completion of union consultations, closes. The initiative brings together Bassilichi’s and Accenture’s industry expertise and advanced technical capabilities to enhance the quality of the bank’s back-office services and better align its human resources.
“With this operation, we will achieve a number of our key goals,” said Fabrizio Viola, managing director of Banca Monte dei Paschi di Siena. “That includes the reduction of our operating costs, engagement of services by business partners of proven experience and reliability, and assurance of employment continuity for individuals involved in the joint venture.”
“We are proud of this initiative, which will enhance value for Banca Monte dei Paschi di Siena and its employees, creating new growth paths and maintaining the local heritage,” said Leonardo Bassilichi managing director of Bassilichi SpA. “This joint venture will enable employees to advance their professional skills and back-office capabilities to support the bank’s industrial plan in powerful new ways, and play a key role in the market.”
“By taking a new approach to back-office operations, using a combination of digital technologies and improved use of talent and expertise, Monte dei Paschi di Siena can gain more sustainable efficiencies and higher quality services,” said Fabio Benasso, country managing director for Accenture in Italy. “We look forward to helping enhance the bank’s competitiveness and customer service in order to expand its long history of leadership in the banking sector.”