IBM has clinched a 10 year US$230 million contract to manage Bangkok-based Thai Farmers Bank's (TFB) IT network and services.
As part of the agreement, due to begin in January, 270 bank staff have been offered employment contracts by IBM.
Apichai Bunyakiat, executive vice president, Thai Farmers Bank, says: "I believe this partnership will serve as a constructive services model for our banking industry as efficiencies and innovation deriving from it will certainly benefit our customers, investors, employees and economy."
The bank will continue to be responsible for its own IT strategy, architecture and security, he adds.