November 29, 2007 11:30 ET

Banco Patagonia in $5.7-Million Services Agreement With IBM

BUENOS AIRES, ARGENTINA--(Marketwire - November 29, 2007) - Argentina's third largest private financial institution Banco Patagonia has signed an IT services agreement valued at $5.7-million with IBM (NYSE: IBM).

Under the agreement signed last month, IBM will manage consolidation, virtualization, technology updates, implementation of a backup datacenter, and all administration and support services for the bank's servers. The new contract also will provide external storage for the bank's main datacenter, backup datacenter and for all critical services provided by IBM.

This agreement is an expansion of a 10-year, $15-million technology outsourcing agreement Banco Patagonia signed with IBM in 2005. Through that agreement, the bank put IBM in charge of operating its IT infrastructure and processing platform, which is managed from IBM's Technology Campus based in Martínez, Argentina.

About Banco Patagonia

Banco Patagonia is a leading financial institution in the Argentine market, which offers a wide range of financial solutions for individuals, companies, private banks, and institutional clients.

About IBM

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