Laurentian Bank of Canada and CGI Group Inc. today announced the extension of their existing IT outsourcing contract until 2016. The contract extension is valued at more than $100 million and covers the period between June 2011 and June 2016.

“We are pleased with CGI’s level of quality and commitment,” said Laurentian Bank’s president and CEO, Raymond McManus. “This solid partnership allows us to achieve our business objectives while maximizing our investments”, added Réjean Robitaille, Laurentian Bank’s senior executive vp and COO.

The services covered by the IT outsourcing agreement include project development, application maintenance and evolution, production management, operations support, technology deployment as well as the technical support for the bank’s automated banking machine network.

Collaboration between the two companies originally dates back to 1998 and the original outsourcing contract was signed in 2001.