Pramerica is PFI’s subsidiary based in Letterkenny, Ireland.
PFI will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny and will focus on providing regional business services, reporting under its global asset manager PGIM, the statement said.
The transaction — whose financial details were not disclosed — is subject to completion of customary regulatory approvals.
“The enhanced partnership builds on a long relationship between the two organisations and will see over 1,500 of Pramerica’s staff in Ireland transfer to TCS,” it added.
As part of TCS’ new Global Delivery Centre in Ireland, the staff will continue to provide PFI with a range of business, digital and technology services.
The new centre will expand TCS’ nearshore capabilities to provide the multifunctional, digital services and solutions to other customers in Ireland, the UK, Europe and the US.
Prudential, in a separate statement, said a majority of Pramerica staffers in Ireland will become employed by TCS, whereby the IT firm will continue to service and support Prudential under a multi-year services arrangement.
“Pramerica will remain a wholly owned subsidiary of Prudential…This relationship is consistent with Prudential’s transformation process, including ongoing initiatives to optimize its technology and investment footprint,” it added.
TCS President – Banking, Financial Services and Insurance, K Krithivasan said Ireland is uniquely positioned to play a leading role in the digital economy.
“This key investment deepens our relationship with PFI and gives us a new delivery capability in Ireland with specialised expertise, that significantly strengthens our ability to meet the growth and transformation needs of our customers globally,” he added.
Stacey Goodman, chief information officer of PFI, said this transaction further expands the company’s relationship with TCS, while advancing PFI’s ongoing transformation process and providing growth opportunities for Pramerica Ireland employees and the Letterkenny region.
In the UK, TCS is the largest IT service provider by revenue in the financial services industry, and a leading provider of third-party policy administration services in the life insurance and pensions industry.
Earlier this week, TCS had said will acquire 100 per cent shares of Postbank Systems AG (PBS) from Deutsche Bank AG for “a symbolic 1 euro”.
The said transaction would see about 1,500 employees of PBS becoming a part of the Mumbai-based company.
PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank, catering to the German retail banking market.