Nordic-based financial services group Nordea Bank has signed a $540m multi-year managed services agreement with IBM Services to outsource its IBM Z operations.

IBM Z is a family name referring all IBM mainframe computers starting from the Z900 model.

The new agreement builds on Nordea-IBM association which began in 2003.

IBM Global Technology Services senior vice president Martin Jetter said: “As we continue to grow our long-standing relationship with Nordea, we are looking forward to working with them to drive their digital progress with IBM Services.

“Our latest agreement will help Nordea accelerate its leadership as one of the largest financial services organisations in the Nordics and provide a solid path to bringing new efficiencies in their digital transformation.”

Nordea will outsource most of its IBM Z infrastructure services in five countries. Following the transfer, it will continue to have access to technical upgrades as well as cognitive services.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As per the contract, a group of Nordea employees will also transfer to IBM. The managed service agreement is different from the earlier signed mainframe contract.

Last month, Nordea rolled out a Nordea instant reporting solution based on API. It enables corporate clients to access their accounts as well as integrate real-time data with their systems.