IBM has taken a controlling share in the IT services arm of banking group Dexia, increasing its outsourcing power with European financial market firms.
The agreement will see IBM establish a new business, named Innovative Solutions for Finance (ISSF), after taking over Associated Dexia Technology Services (ADTS) and gaining $1.3 billion worth of existing outsourcing business.
ADTS currently provides services to a number of, predominantly Belgian, financial clients, including Belfius Bank, International Wealth Insurers (IWI), Banque Internationale Luxembourg (BIL), and Dexia itself.
Following the deal IBM will put in place a private cloud infrastructure to overhaul the services offered to existing clients, and to help attract new customers. The private cloud environment is aimed at enhancing risk management, improving service delivery levels and reducing operating cost, IBM said, and will help address increased demand for outsourcing in Europe.
The announcement comes after IBM announced a deal to deliver outsourced services to Italian bank UniCredit, in an agreement which also saw it set up a joint services company to operate in the region.
IDG News Service
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