French bank BNP Paribas has signed a multi-year agreement, worth up to EUR1 billion, with IBM for 'on demand' IT services.
Under the contract, BNP Paribas and IBM says they will set up a single purpose joint venture that will transform the bank's IT into an on-demand infrastructure.
The new business will employ 450 staff from both firms. BNP Paribas says the joint venture will allow it to keep its IT staff and to manage its infrastructure proactively.
Herve Gouezel, CIO of BNP Paribas, adds: "The new entity that we are setting up with IBM is already positioning itself as on-demand reference in the banking industry. It is scalable enough to sustain future growth and adapt to changes in the banking industry."