News

Canadian bank extends IT agreement, including ATM support, with IBM

March 24, 2005

Computer Business Review: IBM has signed a $30 million (U.S. $24.6 million), six-year contract with Laurentian Bank of Canada which extends their existing four-year managed IT operations agreement.

Under the new arrangement, IBM will support the bank's back office and ATM services as well as the systems supporting wealth management, mutual funds and the bank's commercial business lines.

Laurentian Bank hopes the re-affirmed relationship will scale its IT operations capacity as needed, allowing it to only pay for what it uses, and provide more flexibility in the management of its IT operations to support the bank's growth plans.

Last year, the two companies announced a separate agreement that saw them work together to install 200 ATMs throughout Quebec, enabling the bank to offer new banking services.

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