Baltic banking group Hansabank and Nordic IT services firm TietoEnator have signed a letter of intent to establish a joint venture company that will provide IT support services to banks in Estonia.
The new firm will manage Hansabank's POS, ATM and PC networks in Estonia as well as offering services to other banks in the region.
Hansabank says some of its current on-site IT staff will be transferred to the joint venture.
Olli Heinonen, CIO, Hansabank Group, says: "For the bank the benefit will come out of improved efficiency and lower maintenance expenses. The joint venture is able to leverage its cost base through economies of scale, as it will start to provide similar services also to other companies."
The final agreement for the joint venture is expected to be signed in July, with the new firm expected to start operations in August.