BANGALORE, JULY 7: Technology services company Hewlett-Packard won a Rs 400-crore technology outsourcing contract from public sector lender Corporation Bank, beating India's largest IT firm Tata Consultancy Services and Wipro. 

The Palo Alto, California-based PC-maker won the seven-year contract because of its higher technical competency despite Wipro and TCS quoting lower amounts, a senior Corporate Bank executive said on condition of anonymity. Both HP and Corporation Bank declined to comment.

The contract is for switching and managing the bank's core-banking software from the current version made by Chennai-based software company Polaris Financial Technology to Finacle, made by Bangalore-based Infosys.

The deal can be extended for a further three years at the bank's discretion. Under the terms, HP will also design and implement necessary enterprise software besides setting up and maintaining the bank's data centre.