Portuguese banking group Banco Espírito Santo (BES) has signed a ten year IT infrastructure outsourcing contract, worth around EUR150m, with IBM.
The agreement includes management of mainframes and servers, as well as the supply of business continuity and recovery services, for six BES banking subsidiaries.
IBM says outsourcing deal is expected to reduce the bank's IT infrastructure costs by 25%.
The deal is part of the bank's initiative to rationalise the applications architecture, and consolidate and standardise IT processes to provide an enhanced and integrated infrastructure.
The project begins this month.