According to market sources, Wipro and other software vendors in India are aggressively bidding for an American Express IT outsourcing deal estimated at over $1 billion. The bank's $4 billion 7-year deal with IBM Global Services will end in 2006.

Wipro is trying to improve its standing in the financial services sector where it has lagged behind other vendors. The company is also making a bid for a bank of america contract also worth over $1 billion.

Girish Paranjape, president of finance solutions at Wipro Technologies, said, "We are under-represented in the financial segment and have been catching up pretty fast. We have around 6,000 professionals in our division and are witnessing the growth trajectory. Sequentially, we grew by 14 per cent during Q4."

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