William Clarke (left), president of Scotiabank Jamaica, and Phil Green, president of Cable & Wireless Jamaica (C&WJ) seal a $400 million deal Thursday which makes C&WJ the bank's primary supplier of all telecommunications...

Cable & Wireless Jamaica and Scotiabank Jamaica in a joint statement Tuesday announced a deal worth $400 million that gives C&WJ exclusive rights as the bank's telecommunications provider for the next five years.

The deal announced after market close Thursday - both companies are listed on the Jamaica Stock Exchange - was struck, the parties said, after consideration of several proposals solicited by the William Clarke-led bank.

Scotia Group Jamaica, holding company for the bank, traded down $1.65 to $23.85 yesterday, while C&WJ gained a cent to close at 77 cents.

C&WJ said it partnered with Avaya, a provider of international business solutions, to land the contract. Avaya will provide hardware for the system.

The solution will involve managed migration to IP, replacing the bank's existing telephony infrastructure with state-of-the-art equipment that allows the bank's branches to communicate more efficiently, while also improving customer interface.

"In an increasingly competitive market, Cable & Wireless Jamaica's aim is to provide superior products and unparalleled service to our clients," said C&WJ's chief executive Phil Green.

"We are excited to partner with Scotiabank in this major initiative."

The telecoms company, which has begun an aggressive hunt for new market and business opportunities to shake off a $4 billion loss, says it grabbed the contract by proving to Scotiabank that it could, through its telecoms platform and products, lower the bank's operating expenses, improve internal and external communications and enhance its customer service capabilities.

Said Clarke: "We went through a very rigorous selection process and our final decision was based on C&WJ's ability to provide us with a full-service package that delivers significant savings to the bank and ideally meets our functional communication needs."