HypoVereinsbank AG of Munich named International Business Machines Corp. to manage some of its technology operations.
The Armonk, N.Y., technology company will modernize and oversee HypoVereinsbank's credit applications and help it integrate several other areas of its technology infrastructure. As part of the three-year agreement, IBM will create a German subsidiary, including a banking operations center.
HypoVereinsbank already has an information technology subsidiary, HVB Information Services GmbH. Starting in January, as many as 365 of the unit's 1,800 employees will be transferred to the new IBM unit.
HypoVereinsbank, the No. 2 banking company in Germany, is part of UniCredit Group. One of IBM's main tasks will be to integrate HypoVereinsbank's systems with those of UniCredit's.
