IBM International Business Machines Corp

   By Mauro Orru 
 

Banco de Sabadell SA (SAB.MC) said on Wednesday that it has signed an agreement with International Business Machines Corp. (IBM) for the development of its cloud system and other digital services.

The Spanish bank said IBM would help it migrate its current applications to a high-security cloud ecosystem to keep up with regulatory requirements.

"As the financial sector advances in its digitalization in a heavily regulated environment, banks need to combine an extreme capacity for customer-centered innovation with a technological environment with the highest levels of strength, resilience and security," said Marta Martinez, president of IBM Spain, Portugal, Greece and Israel.

Under the 10-year agreement, IBM will also manage the technological ecosystem for TSB, Sabadell's subsidiary in the U.K.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

January 15, 2020 04:20 ET (09:20 GMT)

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