IBM Corp. today said it signed a $480 million multi-year agreement to manage Scotiabank’s information technology operations, including data centres, branches, automatic banking machines and help-desk support.

The contract includes advanced technologies such as server virtualization and new service delivery capabilities, as well as a new global framework to support Scotiabank’s worldwide operations.

“Scotiabank understands technology can directly contribute to shareholder value by enhancing reliability for our business processes, improving responsiveness to customer needs and facilitating customer acquisition,” said Kimberlee McKenzie, the bank’s executive vice president, information technology and solutions.

The agreement extends and renews a contract signed in 2001, when IBM began to manage Scotiabank’s IT operations.