Gruppo Banca Popolare di Milano (BPM) announced today that it has renewed its multi-year agreement with IBM.
This is the bank's largest IT services contract. The new agreement encompasses 25 percent of BPM's total IT budget through 2009.
IBM and Gruppo Banca Popolare di Milano began work three years ago to design and implement one of the first fully integrated, multi-channel banking platforms at a worldwide level, now successfully used in all of BPM's 600 branches throughout Italy. Future initiatives call for further streamlining of the bank's IT processes and are planned to reduce IT expenses an additional 20 percent.