IBM Signs $2.6 Billion Spanish Bank Deal

IBM (Armonk, N.Y.) announced it has signed a 10-year deal to manage the IT infrastructure of Spanish savings bank la Caixa. IBM is the prime vendor in the $2.6 billion overall deal, with its services accounting for about half the deal, and various other service providers receiving the rest.

IBM will specifically provide technology, operations, applications and infrastructure services to the bank and and will manage its data processing centers, located in Cerdanyola del Valles and San Cugat, Barcelona.

The new strategic alliance is expected to save 400 million euros for la Caixa over the term of the agreement, according to IBM. The contract will provide the bank with access to new technologies and innovations to enhance its business development both in Spain and global markets and help the bank utilize new technologies in the financial sector such as mobility, social media and cloud computing.

The relationship also includes collaboration between the la Caixa Innovation Center in Barcelona and IBM's research centers. This relationship is designed to help business by providing the latest technologies, research capabilities and innovations in business processes for smarter banking, mobility, social media and cloud computing.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio