IBM International Business Machines Corp

   By Stephen Nakrosis 
 

International Business Machines Corp. (IBM) signed a multi-year service agreement with Bank of the Philippine Island to provide IT infrastructure services and speed the bank's digital transformation.

Bank of the Philippine Islands, with headquarters in Manila, is that country's third-largest bank in terms of assets, and serves more than 9 million customers.

Under terms of the $260 million deal, IBM will provide IT service to the bank's online operations, mobile apps, ATMs, cash accept machines and branches. IBM will also provide cloud management services and host the bank's current and future digital solutions.

"The rapidly changing business environment requires us to accelerate the pace of our digital transformation. We need to continue to be responsive to an ever-changing market," said Cezar P. Consing, BPI president and chief executive. "Our extended agreement with IBM will help us become more agile in introducing innovations and transforming how we do things in BPI."

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

January 23, 2019 11:59 ET (16:59 GMT)

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