IBM signs 10-year IT outsourcing agreement with an Indian co-operative bank

Monday, IT giant International Business Machines Corp. (IBM: News ) said that it has signed a 10-year information technology outsourcing agreement with Kurmanchal Nagar Sahakari Bank Ltd., an urban co-operative bank in the state of Uttarakhand in India. Financial terms of the deal were not disclosed.

Under the agreement, IBM will remotely host and manage the IT infrastructure, manage the disaster recovery site and provide the networking infrastructure for the bank. IBM said that this would help the bank focus on its aggressive expansion plans while reducing its capital expenditure on IT by as much as 60%.