Thailand's Thanachart Bank has inked a seven year, $60 million, information technology outsourcing services deal with IBM.
The agreement, which also covers Thanachart's securities, fund management, life assurance and insurance divisions, will see the bank outsource data centre services, disaster recovery, server and network management and IT security operations.
IBM, which has been providing Thanachart with hosting services since 2003, says the contract will help the bank cut costs, improve customer care and support growth.
Vichit Yarnamorn, director, information system and technology advisor, Thanachart Bank say the deal will "help eliminate the high costs of in-house system development and allow for less time and workforce use in system maintenance."
"Most importantly, the IT outsourcing is aimed at creating confidence and ensuring the bank's customers receive the highest satisfaction, as such our customers can be assured the information they give to the bank is well protected by efficient security systems," adds Yarnamorn.