India's HDFC Bank signs multi-year data and technology deal with Refinitiv

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Customers read a notice pasted outside a closed HDFC bank in Kolkata

BENGALURU (Reuters) -HDFC Bank on Wednesday signed a multi-year data and technology agreement with Refinitiv, a London Stock Exchange Group business, as the Mumbai-based lender looks to reach more customers and cut costs.

HDFC Bank, India's largest private sector lender, will get comprehensive access to Refinitiv's data and products under the agreement, enabling cost savings across several bank divisions, the companies said in a joint statement.

The terms of the agreement were not disclosed.

HDFC Bank will also get access to Refinitiv Workspace, which provides access to tools including real-time market data, news and fundamentals data. The lender will use the Workspace to provide data analysis to its treasury customers.

"With this collaboration we will get comprehensive access to Refinitiv's content and capabilities across our whole business which will enable us to achieve further efficiency and growth," said Ashish Parthasarthy, treasurer, HDFC Bank.

Thomson Reuters, which owns Reuters News, has a minority shareholding in LSEG.

(Reporting by Chris Thomas in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva)