23 October 2017
visit www.response.ncr.com

IBM takes control of $1.3 billion ADTS business

09 December 2013  |  3322 views  |  0 IBM

IBM has taken a controlling stake in Associated Dexia Technology Services, which provides IT services to financial institutions formerly within the Dexia Group, including Belfius Bank, Belfius Insurance and Banque Internationale à Luxembourg.

ADTS currently runs a portfolio of signed sourcing contracts at a total value of $1.3 billion over seven years.

IBM says it will rename ADTS as Innovative Solutions for Finance (ISFF), and implement a cloud-based infrastructure to push the business into new markets.

Luxembourg-based Dexia - severely impacted by the credit crunch and subsequent sovereign debt crises - has been selling off assets and breaking up the business under a resolution programme agreed with the European Commission in 2012.

Karel De Boeck, CEO of the Dexia Group says the agreement will enables Dexia and the ISFF clients formerly within the Group to segregate themselves as customers and pursue their own business and IT investment strategies.

"After a long and careful selection process, Dexia has chosen a strong partner endorsing a new industrial future for the company and its employees," he says. "At the same time, this agreement is yet another significant step forward in the Group's orderly resolution."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UniCredit and IBM create cloud-based joint venture

UniCredit and IBM create cloud-based joint venture

22 July 2013  |  9358 views  |  0 comments | 4 tweets | 2 linkedin
Banco de Credito del Peru transfers IT management to IBM

Banco de Credito del Peru transfers IT management to IBM

09 May 2012  |  4004 views  |  0 comments
IBM breaks new ground in Ukraine with $200m Ukrsotsbank IT outsourcing deal

IBM breaks new ground in Ukraine with $200m Ukrsotsbank IT outsourcing deal

09 February 2012  |  5682 views  |  0 comments | 2 linkedin
IBM secures 10-year la Caixa IT services deal

IBM secures 10-year la Caixa IT services deal

03 January 2012  |  6401 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.com visit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19354 views comments | 28 tweets | 42 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15165 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10975 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9017 views comments | 14 tweets | 28 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job