Bladewatch.com

CNN Money

IBM (NYSE: IBM) and BNP Paribas, the largest French company and the fifth largest in the banking industry worldwide, today announced a 318 million euro (exclusive of VAT), six-year agreement for their existing joint venture, BP2I, to support and manage the overall information technology (IT) infrastructure operations of BNP Paribas’ subsidiary office, Banca Nazionale del Lavoro (BNL) in Italy.

By extending BP2I to Italy, BP2I will be able to provide flexible solutions across both its French and Italian operations. BP2I will provide significant cost savings to the BNP Paribas Group by transforming BNL’s IT infrastructure and aligning it with BNP Paribas’ current infrastructure and standard processes. The agreement will also enable BNP Paribas Group to strengthen BNL’s capabilities to better manage the globalization requirements of the retail banking business.

In signing this agreement, BNP Paribas is expanding its existing partnership with IBM, which began in 2004 when IBM proposed a new IT infrastructure management for BNP Paribas Group’s Retail and Insurance branches across France, and in doing so, created BNP Paribas Partners for Innovation (BP2I), the IT services company equally owned by BNP Paribas SA and IBM.

These kind of deals are increasingly popular in the finance sector as I’ve written before, it can be an ideal vehicle for investment or innovation with IT or in the way you supply and deliver IT. That it works for your business is all that matters, everything else is noise.

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