Banca Carige and IBM create $500 million joint venture

Banca Carige and IBM create $500 million joint venture

Italy's Banca Carige has outsourced its digital transformation programme to IBM under a $500 million joint venture dubbed Dock.

The bank says the union with IBM will enable it to introduce a new range of cutting edge technology solutions to its 500 branches and one million customers. This will entail an evolutionary path towards a "hybrid IT" model, a progressive migration of workloads to the cloud and the roll out of a new generation of machine learning tools

"The partnership with IBM represents an important turning point and a new starting point for Banca Carige as we will be able to take advantage of IBM's capacity for developing new technologies," says Paolo Fiorentino, the bank's CEO. "With increasing energy we will be able to concentrate on our traditional commercial banking activity and, thanks to an international partner of the highest standing, achieve high standards of business process efficiency, at the forefront of the banking sector."

Dock currently employees 173 people, 133 of whom come from Carige and 40 from IBM. The JV intends to hire more staff as it lends its expertise to other local financial institutions.

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