IBM has struck a new agreement with Caixabank as part of the technology giant’s plans to launch its first IBM Cloud Multizone Region (MZR) in Spain.

The decision to onboard IBM’s MZR comes as Caixabank looks to boost its digital capabilities, and follows a 50 year technology partnership with IBM.

Under the new agreement, CaixaBank will launch its CloudNow project which aims to evolve business core applications, improve efficiencies and reinforce its vision of financial services with increased availability and resiliency.

To help scale hybrid cloud adoption, IBM's new MZR is designed to enable European clients to deploy mission-critical workloads with high levels of security and address their data sovereignty and regulatory compliance requirements.

The company said its expanded footprint signals its continued investment to help foster business growth in Europe and is expected to create hundreds of jobs in Spain.

IBM said its efforts come as it continues to support the EU's efforts to build greater trust in the digital economy.

Gonzalo Gortazar, chief executive of CaixaBank said:"IBM has become an indispensable partner in the development of CaixaBank's digital capabilities, not only due to its in-depth understanding of the financial sector's challenges, but also because it has enabled us to advance into future of banking.

“This collaboration has helped us to combine our current technological infrastructures with an updated environment boosted by cloud technology and artificial intelligence. The new MZR is a key milestone to keep offering our 21 million customers the best user experience we can while maintaining the highest levels of information confidentiality and protection.”

As part of this agreement, Kyndryl, the new, independent public company that will be created following the separation of IBM's Managed Infrastructure Services business, will help CaixaBank to integrate their new hybrid cloud model while the bank leverages IBM Global Business Services to continuously support their industry innovation capabilities.

IBM chief executive Arvind Krishna said: “This partnership is a great example of our commitment to apply the power of technology to help business and society thrive.”

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