International Business Machines Corp. (IBM) and Gruppo Monte Paschi Siena announced a 260 million euro IT Services agreement for IBM to help cut costs and improve efficiencies for the Italian bank's Operational Consortium. The agreement was signed in June 2007.
The new agreement is an extension to an existing 420 million euro contract signed in 2003, and is expected to bring about 48 million euro in cost savings over the new 6-year term.
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