Spain-based lender Banco Mare Nostrum (BMN) has signed a ten-year deal worth $300m with IBM to improve the efficiency and flexibility of its IT infrastructure and applications.

IBM’s technology services will allow BMN to provide personal services to self-employed customers and small companies, and also contribute towards socio-economic progress of the Spanish region.

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Under the deal, IBM and BMN will form a new firm, which will provide application management, maintenance and consolidate its IT infrastructure. The formation of a new firm will see around 50 employees joining from infoCaja.

Prior to IBM, BMN received technology services from infoCaja, a technology firm owned by BMN and Liberbank.

BMN president, Carlos Egea Krauel said, "This project provides the bank with a new and more flexible technological model that allows us to focus on our core business and delegate IT management to a leader like IBM."

BMN and IBM also plan to develop a new Banking Innovation Centre, which will join a network of IBM Banking Excellence Centres worldwide and involve in research transformation projects related to mobility, big data, dynamic pricing, fraud management and risk management.

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IBM Spain, Portugal, Greece and Israel country general manager, Marta Martínez Alonso, said Spanish banks are immersed in an unprecedented transformation where technology innovation distinguishes leaders in this competitive industry.

"With this agreement, IBM will help BMN achieve its strategic objectives of getting closer to its clients and delivering a best in class service," Alonso added.