Technology company IBM has inked a 10 year deal to overhaul the existing IT infrastructure of Italy’s largest bank by assets, UniCredit.

Reported to be worth multiple billions of dollars, the agreement will see IBM deliver a cloud-based infrastructure to UniCredit’s data centres.

Part of the deal includes a joint venture between UniCredit’s Business Integrated Solutions and IBM that will market and deliver infrastructure services to other companies and institutions. Employees will operate across Europe in Italy, Germany, Austria, Slovakia and the Czech Republic.

IBM and UniCredit will also set up a Value Creation Centre that will monitor trends in the banking and IT industries that can be developed and introduced to the services offered by both companies.

Senior vice president of IBM Global Technology Services Erich Clementi said: "UniCredit’s innovation-driven approach to sourcing reflects changing motivations in the strategic sourcing marketplace."

"When making sourcing decisions, forward thinking organizations like UniCredit are moving beyond basic needs like cost-cutting to higher-order business outcomes such as growth, competitive advantage and, of course, innovation," he concluded.

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