IBM will provide information technology support for ScotiaBank under a multi-year contract worth $480 million.

The deal extends an agreement first signed between the two firms in 2001.

IBM will manage data centers, branches and automatic teller machines as well as provide helpdesk support. IBM also will employ server virtualization technology, which enables servers to operate more than one operating system.

"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, executive vice president of information technology and solutions at Scotiabank. "This new agreement with IBM will reinforce Scotiabank’s strengths in operational excellence and systems reliability."

Scotiabank services 12 million customers in some 50 countries. It has some $408 billion in assets.