IBM (IBM) - Get Report and British bank Lloyds Banking Group (LYG) - Get Report struck a 10-year deal for IBM to provide the bank with secure cloud services that will allow the company to speed up the deployment of new applications. 

"The problem they're trying to solve, first and foremost, is one of business agility. They need to introduce new capabilities more quickly, more readily, and they want to take advantage of new technologies more frequently," said James Comfort, IBM's Global Technology Services general manager of System Services.

The companies said the cloud services will be hosted at Lloyds' and IBM's data centers in the U.K. 

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