Switzerland's Banque Cantonale Vaudoise (BCV) is outsourcing its IT operations to IBM under a five year, $460 million contract that will see the vendor take over the business of the bank's existing technology provider, Unicible.
Under the terms of the agreement Unicible's business and resources - including 330 staff - will transfer to IBM.
IBM says it aims to transform the Unicible unit from a captive and proprietary service provider to a multi-platform banking services provider and will establish an IT banking competence centre in Lausanne in order to do this.
Daniel Ruethemann, country general manager, IBM Switzerland, says: "With the new IT banking competence centre, IBM will provide best-in-class technology, consulting and managed business services to BCV and other retail and private banks."
Implementation of the BCV agreement is planned for June 2007.
In a separate deal BCV has agreed to establish a new back office joint venture with fellow Swiss bank Zuercher Kantonal Bank (ZKB). Under this agreement the two banks will combine their respective IT and back office operations by 2011, which will be managed by the new JV.
The new company will employ around 1300 staff and have revenues of around SFr350 million.
IBM has reportedly been appointed to manage BCV's back office migration to ZKB, which is expected to cost up to SFr150 million.