Banco Espírito Santo And IBM Sign 150 Million Euro IT Services Contract

10-year IBM contract expected to bring significant cost savings for leading Portuguese financial group

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Lisbon, Portugal - 10 Jan 2006: Banco Espírito Santo (BES), one of the major multi-specialist financial groups in Portugal, and IBM today announced a 150 million euro, 10-year outsourcing services agreement for IBM to manage the bank’s information technology infrastructure. The contract is expected to reduce the bank's IT infrastructure costs by 25%.

Established in 1920, BES Group is ranked among the top three financial institutions in with more than 1.6 million clients and operations in 17 countries.

The contract with IBM includes management of the main information systems infrastructure of the BES Group, supporting the operations of Banco Espírito Santo, Banco BEST, Banco Espírito Santo dos Açores, Tranquilidade, Tranquilidade Vida and Espírito Santo Seguros. This follows a strategic move by the group towards greater flexibility, while simplifying processes and cutting IT costs.

IBM will also manage the IT infrastructure (IBM zSeries, IBM pSeries and IBM iSeries servers), providing business continuity and recovery services through a network of IBM recovery centres, protecting the bank’s activities from potential interruptions.

 The agreement with IBM is part of a key programme by the BES Group with the aim of increasing the group's global efficiency. In the computing area, the goal is to rationalise the applications architecture, and consolidate and standardise IT processes, providing an enhanced and integrated computing infrastructure management.

The project begins this month.

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