IBM has taken a controlling share in Dexia’s IT business. The company is taking over Associated Dexia Technology Services, and establishing an IBM company called Innovative Solutions for Finance (ISFF), with signed sourcing contracts $1.3 billion over seven years.
As part of the agreement between Dexia, and several financial institutions in Europe and IBM, Big Blue will be building and managing their IT infrastructure, previously managed by Associated Dexia Technology Services. IBM will also implement a cloud infrastructure to expand ISFF services into new markets, says the company.
Associated Dexia Technology Services was founded in 2006 to deliver IT services to financial institutions formerly within the Dexia Group, such as Belfius Bank, Belfius Insurance and Banque Internationale à Luxembourg.
Dexia is a Franco-Belgian financial institution active in public finance, providing retail and commercial banking services to individuals and SMEs, asset management, and insurance.
[Graphics courtesy: IBM]