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IBM to provide cloud services to Lloyds Bank

IBM has signed a 10-year, $1.66 billion deal with Lloyds Banking Group to provide dedicated cloud services for the bank. Under the agreement, IBM’s cloud services will be hosted securely in both Lloyds and IBM data centers in the UK. IBM will manage the application migration services to the cloud, which Lloyds will use for both internal and external applications. The deal has been concluded even as the bank has been hit by a distributed denial-of-service attack (DDoS) earlier this year, disrupting customer service over a few days. Lloyds Banking Group has 12.5 million online customers and 8 million mobile users, making it the UK’s largest digital bank. Along with Lloyds, IBM has other cloud customers in the global financial services industry including Sidian Bank in Kenya, DSK Bank in Bulgaria, India’s Ujjivan Financial Services, Westpac New Zealand, France’s Boursorama (a subsidiary of the Société Générale group) and the UK’s Shop Direct.

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