Deutsche Bank has signed a multibillion-dollar pact with Hewlett-Packard (HP) to modernise its global IT environment and cut down IT infrastructure costs.
The ten-year agreement will primarily cover wholesale banking IT infrastructure.
Under the deal, HP will offer dedicated data centre services on demand such as storage, platform and hosting.
Deutsche Bank will retain activities including IT architecture, application development as well as information security.
The lender will upgrade and lower the number of its IT applications, move them on to the HP platform and improve its own processes for providing technology support to its operations as part of a broader IT transformation programme.
Deutsche Bank chief operating officer Henry Ritchotte said that the new deal will help the bank lower costs for IT infrastructure, and have an agile technology platform.
Hewlett-Packard chairman, president and CEO Meg Whitman said, "Deutsche Bank is taking a proactive approach to modernising its IT infrastructure and has chosen to partner with HP in order to do that. Through this partnership, Deutsche Bank will meet its long-term business objectives through a transformation of its IT infrastructure, including a customised HP Helion solution that will enable them to focus on creating and delivering new services for their clients."