Credit Suisse has awarded Wipro, the Indian outsourcer, an award that recognises the excellence of the services it provides to the bank.

Wipro got the nod – winning the bank's IT new business award for strategic partnership – in competition against 25 other leading IT services suppliers to the bank.

According to Credit Suisse, the award recognises Wipro’s partnership with Credit Suisse IT in offering a truly global sourcing strategy, including setting up a dedicated Centre of Excellence in Pune, India.

The selection was based on a structured vendor score card exercise run by the Credit Suisse IT supplier relationship management programme, which compared the bank's top vendors across the key evaluation criteria, including quality of service, functional capabilities, pricing and management of risks.

Wipro provides outsourced services to Credit Suisse for a wide range of banking functions, including IT, operations, finance and front-office functions.

The partnership was built on an innovative sourcing model that allowed three primary ownership models (captive, outsourced, co-managed) to co-exist under one roof catering to different business requirements..

The Pune Centre of Excellence supports the bank's businesses across 50 countries and is the outsourcer's fastest growing centre in the world.

Tom Sanzone, CIO of Credit Suisse, said the partnership with Wipro was "a truly transformational" initiative for the bank.

"It is a critical aspect in achieving our vision of being an industry leader in leveraging IT for business leadership. We appreciate the commitment shown by Wipro which helped us realise our vision to execute this in an innovative business model which required significant maturity, commitment and flexibility."

Wipro has contributed to many strategic initiatives within Credit Suisse IT, such as the OneBank delivery model. To minimize risk and increase flexibility, Wipro provides a "flex-sourcing" model for Credit Suisse IT to leverage different engagement models as appropriate. By the end of 2007, the partnership generated significant cost reduction achieved through centralising all functions in one site with a common infrastructure.

Wipro is also partnering Credit Suisse IT in its innovation capabilities, including a Web 2.0 portal to enable collaboration, knowledge sharing and community building.