Banco Popular and IBM sign strategic IT agreement

Banco Popular has signed a strategic outsourcing agreement with IBM (NYSE: IBM) to help the bank transform its technology infrastructure, including its private cloud. The bank expects to increase efficiency and flexibility as part of its growth strategy. The agreement may result in an accumulated savings of $200 million over the 10 years of the agreement. Cloud solutions provide Banco Popular with flexibility, speed and a model to allow for innovation and future growth.

Under the framework of the agreement, Banco Popular will transfer to IBM 41 technology infrastructure employees. Banco Popular Chief Technology Officer Fernando Rodríguez Baquero and General Manager of IBM Global Technology Services Europe Juan Antonio Zufiria presided over the signing ceremony.

Banco Popular stated, “With this agreement, with IBM as our technology partner, we will achieve market standards in terms of technology services needed to run an important digital transformation in Banco Popular, always aiming to deliver the best service to our clients.”

“Banco Popular is a pioneer in the Spanish banking industry. We are proud of being a contributor in its strategic plan,” said Juan Antonio Zufiria, General Manager of IBM Global Technology Services Europe. “The progressive adoption of innovative solutions such as cloud computing will enable the bank’s technology infrastructure to be more flexible and adaptable to business needs, which will result in better client service.”

The agreement is a step further in the technology development of Banco Popular, which includes the recent modernization of its Data Center – also with IBM’s help – and the bank’s new technology headquarters in Madrid, Spain.