IBM Canada and the National Bank of Canada Sign New $700 Million (U.S.) Outsourcing Agreement

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Montreal - 12 Dec 2001: IBM Canada Ltd. and the National Bank of Canada today announced the signing of a 10-year, IT outsourcing contract worth more than $700 million (U.S). IBM has been providing IT services to National Bank of Canada since 1994, and the new contract extends the relationship through 2011.

Under the agreement, IBM Global Services will continue to manage the operations of the bank's IT infrastructure, including its Web environment and call centers.

The National Bank of Canada and IBM are also forming an initiative aimed at identifying new leading-edge projects in the area of e-business. The Innovation Team (or i-Team) will be comprised experts from IBM Research and IBM's consulting organizations who will help identify and build innovative business strategies. The team will also draw on the worldwide capabilities of IBM.

"This agreement will allow us to maintain a high-quality and secure technical infrastructure while accelerating the transformation of the Bank into an e-business," said Real Raymond, president and COO, National Bank of Canada."And with this increased flexibility and speed, we will be able to respond to the growing needs of our clients with increased efficiency."

"This contract expands on an important relationship for IBM in the Canadian banking industry," said Ed Kilroy, president, IBM Canada Ltd. "We will leverage our expertise in technology and financial services to help the National Bank of Canada continue providing world-class financial services to its customers."

"We are very satisfied with our business relationship with IBM," added Michel Labonte, senior vice president, finance and control, National Bank of Canada. "The renewal of our agreement represents a continuity with innovative tools as an added value, world-class expertise at competitive prices to increase reliability, accessibility and security."