The new company will provide cloud based management services for UniCredit and European banking industry
Unicredit Services, UniCredit's global service company, and IBM are today jointly announcing Value Transformation Services, V-TServices, a new company aimed at optimizing infrastructure management for European financial services companies thanks to new information technology management services.
V-TServices will provide infrastructure technology management to UniCredit and transform its IT assets on the basis of 10-year service contract, which is going to allow bank to achieve a net saving of about €725 million over 10 years.
The joint venture is headquartered in Italy, with a workforce of around 1,000 financial business process and IT management experts in six countries including Italy, Germany, Austria, Czech Republic, Slovakia and Hungary.
Led by CEO Giovanni Linzi and by General Manager Massimo Schiattarella, the joint venture will offer services to companies in the financial sector, as well as other sectors such as public administration.
"The European financial services industry has reached an important moment in time where there is a huge opportunity to reach new customers and new markets and at the same time achieve efficiency by transforming business processes and better managing IT," said Paolo Fiorentino, Deputy General Manager of UniCredit. "IBM is the world's largest provider of information technology services and UniCredit is an European leader in banking. Together we are a powerful combination well positioned to offer a unique initiative in Europe."
"UniCredit's innovation-driven approach to sourcing reflects changing motivations in the strategic sourcing marketplace", said Erich Clementi Senior Vice President of IBM, Head of Global Technology Services. "I believe that Value Transformation Services represents a catalyst for accelerating the change in the banking industry and that it is ideally positioned for helping UniCredit on its way to success and capturing opportunities for business growth".
As a result of this transformation, UniCredit will gain dramatic efficiency and flexibility with the introduction of new service models and a cloud-based infrastructure for its data centers.