Italian banking group UniCredit has entered a long-term agreement with Accenture and IBM to redesign its European banking technology operating model and enhance its core infrastructure, a move that includes Accenture acquiring IBM’s majority stake in a joint venture managing UniCredit’s IT operations.
The agreement aims to provide UniCredit with increased control over the development and management of its technology landscape. As part of this strategic realignment, Accenture will acquire IBM’s majority interest in a joint venture originally established by UniCredit and IBM in 2013. This venture has been responsible for managing a substantial portion of UniCredit’s European IT infrastructure under a decade-long outsourcing contract. The financial terms of Accenture’s acquisition and its closing timeline have not been disclosed, and the transaction is subject to regulatory approval and customary closing conditions.
Despite the sale of its stake in the joint venture, IBM will continue its engagement with UniCredit. The technology firm is slated to supply UniCredit with technology solutions, including the IBM Z mainframe server, alongside consulting services. This ongoing partnership forms part of a multi-year program designed to upgrade UniCredit’s foundational systems and operating framework.
This latest initiative aligns with UniCredit’s broader strategy for modernizing its technological footprint across Europe. It complements a decade-long agreement signed in May of the previous year with Google Cloud. That partnership focuses on leveraging Google Cloud’s infrastructure, artificial intelligence, and data analytics capabilities to update the bank’s continental technology.
