Amerant Bancorp in Coral Gables, Fla., is cutting costs through a outsourcing agreement with FIS.
The $7.5 billion-asset Amerant said in a press release Thursday that the multiyear agreement gives FIS full responsibility for a number of functions, including certain back-office operations.
The move will outsource 90 positions to FIS and reduce Amerant’s annual expenses by $12 million.
“We are excited to begin this relationship with FIS and for the positive impact it will have on our operations by improving efficiencies significantly,” Jerry Plush, Amerant’s vice chairman and CEO, said in the release.
“We are very optimistic about this new phase of our business transformation journey,” Plush added. “We believe this partnership will enable us to achieve our operating efficiency targets more quickly and continue profitably growing our company.”