Jay Clemens
IBM will develop and manage an information technology infrastructure for several European financial institutions under a series of contracts worth $1.3 billion over seven years.
The IT infrastructure will be built for European clients including Belfius Bank, Belfius Insurance, International Wealth Insurers, Banque Internationale a Luxembourg, Dexia and Dexia Asset Management, IBM said Friday.
Associated Dexia Technology Services formerly handled that infrastructure and IBM acquired a controlling share in ADTS to form the Innovative Solutions for Finance subsidiary as part of the agreement.
IBM intends for the cloud infrastructure to grow ISFF services for new markets and build up current information technology management tools for the clients.
