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HP signs US$50 million deal with S Korean bank

Subatra Suppiah | March 25, 2009
Its technology will help Shinhan Bank improve return on investment, says tech giant

SINGAPORE, 25 MARCH 2009 - HP has signed a contract with South Korea's Shinhan Bank valued at up to US$50 million.

It is for a technology solution to help the bank improve its return on investment, enhance its business efficiency and expand its operations, said the tech giant.

HP will partner with Shinhan to deploy new technology that supports the bank's business plan to manage the disposition of old assets in an environmentally responsible manner, simplifying the technology lifecycle management process.

Central to the contract is the sale-leaseback of Shinhan's information technology assets, which will be financed by HP Financial Services, the company's leasing and lifecycle asset management services subsidiary.

Mainframe downsizing

Previously, Shinhan Bank reduced operational costs and increased system flexibility by migrating from mainframes to HP Integrity systems to maintain a large core banking system. The successful transformation paved the way for a new trend of mainframe downsizing in South Korea's banking industry, according to HP.

We're delighted to expand our relationship with a valued client and help Shinhan Bank derive maximum value from its business technology investment, said Tony O'Connor, vice president and managing director, HP Financial Services. In these difficult economic times, far-sighted enterprises that intelligently invest in their IT infrastructures will be well-positioned when the economic turnaround arrives.

HP Financial Services delivers a full range of leasing, financing and lifecycle asset management services. It enables customers to easily and economically deploy technology in ways that meet their business needs, while managing the risks of dealing with older or surplus IT equipment. 


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