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