UniCredit, Accenture and IBM set technology partnership for 13 markets

The UniCredit Accenture IBM partnership will set a long-term technology programme for the bank’s operations across 13 European markets, the companies said on July 31. The agreement includes Accenture’s proposed purchase from IBM of a majority stake in a joint venture that manages a significant share of UniCredit’s technology infrastructure, although the transaction still requires regulatory approvals and other closing steps.

According to an Accenture announcement, the three groups aim to create a new operating model for banking technology. UniCredit said the model is intended to give it greater influence over the direction of its technology while combining the resilience of mission-critical systems with modern digital platforms.

What does the UniCredit Accenture IBM partnership include?

The arrangement has three distinct parts. First, UniCredit, Accenture and IBM will work together on the proposed technology operating model. Second, Accenture intends to acquire IBM’s majority holding in the existing joint venture. Third, IBM is due to remain a technology and consulting provider to UniCredit.

IBM’s planned contribution includes modernised technology platforms, IBM Z, software and consulting services, the companies said. Financial terms, the identity of the joint venture and the intended timetable for completion were not disclosed in the announcement.

The companies described the agreement as the beginning of a multi-year programme to enhance UniCredit’s underlying systems and operating model. That programme supports UniCredit’s growth plans in the 13 European markets where it operates, according to the announcement, which did not identify those markets individually.

What remains pending?

The proposed majority-stake acquisition has not yet completed. Accenture said closing is conditional on customary requirements, necessary regulatory clearances and applicable information and consultation procedures. The statement does not set out governance arrangements for the joint venture after completion.

Ali Khan, UniCredit’s group digital and information officer, said the bank regarded technology as central to its growth and transformation plans. He said the collaboration was intended to combine dependable systems with faster innovation and responsible deployment of artificial intelligence across the group.

Accenture EMEA chief executive Mauro Macchi said the companies sought to accelerate adoption of cloud, data and AI capabilities across markets. Ana Paula Assis, IBM’s senior vice-president and chair for EMEA and APAC, said IBM would combine infrastructure, technology and consulting capabilities in support of UniCredit’s hybrid-cloud and AI strategy.

Those are stated objectives rather than completed results. The companies said the programme is intended to strengthen the bank’s technology base and support future growth, while its delivery depends in part on the outstanding transaction conditions.

This story draws on original reporting from Finextra Research.