Thai Farmers Bank And IBM Announce IT Partnership

IBM To Provide IT Services And Infrastructure To Bank

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BANGKOK, THAILAND - 28 Nov 2002: Thai Farmers Bank (TFB) and IBM today announced an IT partnership agreement in which IBM will manage IT services and infrastructure for TFB for 10 years. The value of this agreement is 10 billion Baht (US $230 million).

IBM will operate TFB's information systems engineering, IT infrastructure and information system processing functions beginning January 1, 2003. Thai Farmers Bank will continue to be responsible for IT strategy and architecture, security and strategic projects.

"Thai Farmers Bank is committed to using innovative technologies and best practices in systems management tools and disciplines to transform ourselves into a premier banking institution. We consider IBM the right partner for TFB, given its technology leadership and practices to maximize our capital efficiency and service delivery," said Apichai Bunyakiat, Executive Vice President, Thai Farmers Bank. "I believe this partnership will serve as a constructive services model for our banking industry as efficiencies and innovation deriving from it will certainly benefit our customers, investors, employees and economy."

"Thai Farmers Bank and IBM have a long history of successfully working together, and this is a major milestone in our relationship," said Songtham Phianpatanawit, General Manager, IBM Thailand. "We are excited about this partnership and the opportunity to leverage our technologies, services capabilities and global and local banking expertise to help TFB utilize technology strategically to deliver world-class financial services to its customers."

Thai Farmers Bank, Thailand's third-largest commercial bank in terms of assets, loans and deposits, offers a wide range of banking and securities services at more than 498 branches in Thailand and in major cities in Asia, the U.S. and Europe.

About 270 TFB staff members have been offered employment by IBM, with roles and compensation comparable to their current employment.

Apichai Bunyakiat of TFB said: "We're very pleased for our employees who will be joining IBM, the world's technology leader. This move will broaden their career path and offer more growth opportunities to further their development as IT professionals. For those who choose to stay with TFB, they will help us build new capabilities based on this partnership with IBM to support the bank's future growth."

Songtham Phianpatanawit of IBM added: "We welcome this transfer of talent from TFB into IBM. These employees will bring fresh insights and local business expertise into IBM's portfolio of technology services offerings. They will help us maintain a level of continuity for TFB's customers as the bank accelerates its pace of innovation and transformation."

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