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IBM and Scotiabank Sign Multi-Year IT Services Agreement


IBM (NYSE: IBM) today announced a multi-year agreement valued at $480 million Cdn to manage Scotiabank’s (TSX: BNS) (NYSE: BNS) information technology operations, including data centers, branches, automatic banking machines and help desk support.

Terms of the agreement call for the application of advanced technologies -- such as server virtualization -- and new service delivery capabilities. The contract also includes a new global framework to support Scotiabank’s worldwide operations.
“Scotiabank understands technology can directly contribute to shareholder value by enhancing reliability for our business processes, improving responsiveness to customer needs and facilitating customer acquisition,” said Kimberlee McKenzie, executive vice president, information technology and solutions, Scotiabank. “This new agreement with IBM will reinforce Scotiabank’s strengths in operational excellence and systems reliability.”

The agreement was signed last month and took effect September 1, 2007. It extends and renews a contract signed in 2001, when IBM began to manage Scotiabank’s IT operations.

“IBM will extend our delivery capabilities and relationship with Scotiabank, both in Canada and in our global operations,” said Bernard Elharrar, general manager, Global Technology Services, IBM Canada. “With the new global framework, IBM continues to be an important partner with Scotiabank.”

Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With almost 60,000 employees, Scotiabank Group and its affiliates serve approximately 12 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $408 billion in assets (as at July 31, 2007), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit


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