BENAGLURU, April 29 -- Infosys Ltd has won a contract worth upwards of $500 million from US-based Truist Financial Corp. to set up and run a global capability centre (GCC) in Hyderabad, making it the largest such engagement where an IT services firm is building and operating a back-office hub for a client.

According to two people with knowledge of the matter, Infosys will set up the GCC for the North Carolina-based bank, extending a two-decade relationship between the two companies. Infosys won the contract in March and is expected to begin work in the coming months.

As part of the deal, the country's second-largest IT services firm will establish a tech centre expected to employ at least 4,500 people, under a built-operate-transfer (BO...