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Spanish bank Kutxabank Signs Strategic Alliance With International Business Machines Corp To Transform IT Infrastructure


Tuesday, 23 Jul 2013 10:11am EDT 

International Business Machines Corp and Kutxabank announced a ten-year, over EUR200 million value, strategic services agreement. Under the agreement, IBM will transform and optimize the bank's technology infrastructure, which will help drive the bank's strategy. The new strategic alliance is expected to gain important savings for Kutxabank over the term of the agreement. Kutxabank integrated its technology after merging the Spanish saving banks BBK, Kutxa, Caja Vital and CajaSur. IBM will focus on achieving part of the restructuring process. Through this strategic outsourcing agreement, IBM will innovate and develop the bank's IT infrastructure and will provide branch offices and ATM maintenance, generating Kutxabank greater cost efficiencies and business flexibility to better adapt to market changes. As part of the agreement, IBM will create a new company and two new technology management centers in the Basque Country region (Spain), which will provide IT services to Kutxabank and additional IBM's Spain clients. 

Company Quote

190.07
0.71 +0.37%
19 Aug 2014