Computer services provider EDS (Electronic Data Systems) and Hong Kong-based International Bank of Asia (IBA) have signed a US$30 million contract under which EDS will manage the bank's data processing, hardware and software implementation and software upgrades.

The contract covers IBA's Hong Kong operations and extends the two companies' relationship since 1989 for an additional five years.

EDS will be responsible for maintaining and supporting all of IBA's key banking systems which include retail banking, housing loans and personal loans, hire purchase, ATM, credit cards, trade finance, foreign exchange and staff payroll activity.