Cajasol Signs 42.3 Million Euro, Four-Year Agreement With IBM

Agreement Sets the Scene for Growth and Improved Customer Service for Major Savings Bank

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MADRID, SPAIN - 17 Dec 2007: Cajasol, the financial institution established by the merger of Caja San Fernando and El Monte, has signed a four-year, 42.3 million euro-contract with IBM (NYSE: IBM) that will help the savings bank to reach the business goals of the merger and achieve its growth objectives.

The aim of the agreement, which includes IBM software, hardware and services, is to enhance the service provided to Cajasol customers. The new consolidated information technology (IT) platform will allow Cajasol to expand its business in Andalusia, Madrid and the Spanish Mediterranean Coast. It will also enable the company to offer higher quality and real-time services to a growing number of customers with greater flexibility and at a lower cost.

According to Antonio Pulido, Cajasol's president, "The successful merger process in which Cajasol was created had to include the enhancement of our IT platform in order to offer to our customers banking services at all of our branches and channels. This means innovation not only in the use of new technologies, but also leveraging the efficiency enhancements achieved in our branch network, to offer better solutions for each of our customers' needs."

"We will continue contributing our IT capacities and business know-how to Cajasol's innovation goals, which will have a positive impact on the services that this savings bank provides to its customers," affirms Amparo Moraleda, general manager IBM Spain, Portugal, Greece, Turkey and Israel.

As part of the agreement, IBM will:  

Through this agreement, Cajasol, with over two million clients and about 800 branches in Spain, is seeking to reaffirm its position as a technology, innovation and quality service leader.

The agreement was signed in September 2007.

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