Financial services giant Credit Suisse is outsourcing the operation of its critical data and communications networks to British telecom provider BT Group and Swiss telco Swisscom under a deal worth $1.1 billion, BT disclosed Monday.

Under the agreement, Credit Suisse will hand off maintenance and operation of its global network to BT and Swisscom for a period of five years with an option for seven years. As part of the arrangement, 231 Credit Suisse technical staffers and 50 contractors will transfer to BT.

In a statement, Credit Suisse CIO Tom Sanzone said the deal will allow the bank to access state-of-the-art telecom technologies, such as wireless and mobile communications tools, faster and more cost effectively than it could through its in-house organization.

“As our business landscape becomes increasingly complex, the integration of telecommunications connectivity and remote access for our team is becoming ever more important,” Sanzone said.

Included in the deal is a provision that calls for BT, Swisscom, and Credit Suisse to contribute to a multimillion dollar “innovation fund” to finance the development of new technologies for Credit Suisse.