HP reports $50m Shinhan Bank deal

HP reports $50m Shinhan Bank deal

Hewlett Packard (HP) has signed a $50 million technology contract with Korea's Shinhan that will involve the sale and leaseback of the bank's IT assets.

The vendor says it will work with Shinhan to deploy new technology that supports its plan to manage the disposition of old assets in an environmentally responsible manner.

The deal will help Shinhan improve its return on investment, enhance business efficiency and expand operations, says HP.

Shinhan has already migrated it central core banking platform from a mainframe system to HP servers.

Tony O'Connor, managing director, HP Financial Services, says: "In these difficult economic times, far-sighted enterprises that intelligently invest in their IT infrastructures will be well-positioned when the economic turnaround arrives."

The sale-leaseback will be financed by the HP Financial Services unit.

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