Telstra is to become banker ANZ's preferred telco for the next three years, picking up a contract worth A$150 million.
The contract covers all ANZ's Australian and major international telecommunications but excludes the New Zealand side of the business, which will remain with Telecom.
ANZ spokesperson, David Boyles, says Telstra has already contributed to the web-enablement of ANZ's branch network and he expects the Telstra agreement to deliver immediate cost savings.
"Under the agreement, Telstra is providing the core telecommunications infrastructure for ANZ's banking platform of the future which will use web-based technology. Telstra's solution was highly competitive and provides a technology solution which meets our needs."
"We have successfully rolled out our new IP, high bandwidth network to over 800 locations around Australia in the last four months. Telstra was a key partner in this highly successful initiative."
The preferred-supplier contract is expected to save ANZ around 20% a year in telecommunication costs.