India’s HDFC Bank signs multi-year data and technology deal with Refinitiv

Customers read a notice pasted outside a closed HDFC bank in Kolkata, India, on November 9, 2016. REUTERS/Rupak De Chowdhuri

BENGALURU, Sept 21 (Reuters) – HDFC Bank (HDBK.NS) on Wednesday signed a multi-year data and technology agreement with Refinitiv, the London Stock Exchange Group’s (LSEG.L) business, the Mumbai-based lender. Banks want to reach more customers and reduce costs.

Under the agreement, HDFC Bank, India’s largest private sector lender, will have full access to Refinitiv’s data and products, resulting in cost savings across multiple banking sectors, the companies said in a joint statement.

The terms of the agreement were not disclosed.

The lender will also provide its users with a Refinitiv workspace that provides access to tools such as real-time market data, news and fundamental data.

Ashish Parthasarthy, Treasurer at HDFC Bank, said: “Through this partnership, we will have full access to Refinitiv content and capabilities across our business, which will enable us to achieve further efficiencies and growth.”

Thomson Reuters (TRI.TO) (TRI.N), which owns Reuters News, has a minority stake in LSE Group.

Reporting by Chris Thomas in Bengaluru; Editing by Saumyadeb Chakrabarty

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