Infosys Ltd. (INFY:NSI) signed a USD 454 million IT services deal with Danske Bank that includes acquiring its client operations in India.

The IT services giant on Monday announced the deal with Danske Bank, saying the Denmark-based bank selected the company as a “strategic partner to accelerate digital transformation.” Work under the deal will also bolster the bank’s artificial intelligence capabilities. The five-year contract can be expanded in one-year increments up to three times.

“We have a strong starting point, and we want to further accelerate our digital and technology transformation,” said Frans Woelders, chief operating officer at Danske Bank, adding Infosys has the tools and expertise to support the bank.

Infosys will also acquire Danske Banks’ IT centre in Bengaluru, India, as part of the deal.

“Infosys will collaborate with Danske Bank to strengthen its core business with greater digital, cloud and data capabilities,” said Salil Parekh, CEO and managing director at Infosys. “This will help Danske Bank create more value for its customers using powerful advances in AI, including generative AI.”

Danske Bank’s centre in Bengaluru employs more than 1,400 professionals and provides IT services solely to Danske Bank. The acquisition gives it an estimated value of DKK 13.6 million (USD 2.0 million). Customary approvals are needed for the acquisition, which is expected to close by the end of next year.

Infosys noted the Nordics area is a strategic market for the company.