ARMONK, N.Y., July 18, 2013 /PRNewswire/ -- IBM (NYSE: IBM) announced today a multi-billion dollar, 10-year agreement to transform the IT infrastructure that supports all of UniCredit's commercial and private banking activities in Europe. As a result of this transformation, UniCredit will gain dramatic efficiency and flexibility with the introduction of new service models and a cloud-based infrastructure for its data centers. As a result, Unicredit clients would be able to access new and innovative services that meet the growing demand for sophisticated financial services in Europe. (Photo: http://photos.prnewswire.com/prnh/20130718/NY49219-INFO ) (Logo: http://photos.prnewswire.com/prnh/20090416/IBMLOGO ) The agreement will include the creation of a joint venture between UniCredit Business Integrated Solutions – the global service company of UniCredit - and IBM, which will have employees in Italy, Germany, Austria, Slovakia, and Czech Republic of both companies. With the combination of leading edge skills applied to the banking industry, the new company is ideally positioned to contribute to reshaping the industry in Europe. As part of the agreement, the company will market and deliver IT infrastructure services not only to UniCredit, but also to other companies and institutions. Innovation is at the foundation of the partnership between the two companies. IBM and UniCredit will establish a Value Creation Center that will aim to harness innovation to provide superior service and drive success for clients on a continuous basis. The Center will monitor trends in the banking and IT industries and identify emerging disruptive technologies to be rapidly introduced into UniCredit's infrastructure. Cloud analytics will make it possible for UniCredit to better predict and understand trading in financial markets, manage spending and provide the most innovative customer solutions.