DBS signs $679m deal with IBM

DBS signs $679m deal with IBM

SINGAPORE: DBS Group Holdings said Tuesday it has contracted technology giant IBM to manage its data centers in Singapore and Hong Kong in a deal worth S$1.2 billion (US$679 million) over 10 years.

As part of the deal, 500 staff from the bank's information technology (IT) department will join IBM, Southeast Asia's biggest lender said in a statement.

"Joining an IT service provider will broaden the career development and opportunities of our IT staff," said the bank's chief information officer Steve Ingram.

The remaining IT staff will continue to support the bank's computer infrastructure that is not outsourced to IBM.

DBS said the deal will reap cost savings of at least 20 percent over the period with $50 million expected in the first three years of the agreement. -- AP