IBM Wins Swiss Bank Deal Worth $460 Million

IBM has won a five-year deal, which it claims is worth $460 million, to provide Switzerland's Banque Cantonale Vaudoise with a broad range of tech services while assuming management control of the bank's internal IT operations. As part of the deal, IBM will take management control of Unicible, Banque Cantonale Vaudoise's wholly owned, in-house IT services provider. Although IBM is not taking ownership stake in Unicible, about 300 Unicible employees will transfer to IBM under the arrangement.

Banque Cantonale Vaudoise is in the process of integrating its back office and IT operations with those of Zuercher Kantonal Bank, another of Switzerland's state controlled banks. IBM will provide services to both institutions once the integration is complete, according to news agency Reuters. IBM, however, said it does plan to use Unicible's facilities in Lausanne to create a broader tech services unit to serve other banking customers. No layoffs are expected as a result of the moves, according to a statement issued Thursday by Unicible. The transfer is scheduled to be effective as of June 1, 2007.

News source: InformationWeek

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