The deal extends and expands a previous deal signed in 2003 worth 420m euros ($571m). In a release, IBM said its work with the bank will now move beyond traditional IT services and into the management of business process and an improved architecture.
Monte Paschi Siena expects to save 48m euros ($65m) over the six-year term of the deal.
IBM has been rather active in the Italian banking space lately, having signed notable deals with Gruppo Banca Popolare di Milano, Banca Marche, and Banca CR Firenze last year.
