IBM has signed a US$5 million IT services agreement with Kotak Mahindra Bank Limited (Kotak), one of India's leading banking & financial services providers.

IBM will design, build and maintain data center as well as the converged IP network infrastructure. The solution is forecasted to save Kotak over US$1.2 million in operational efficiency and reduced energy costs over the next five years.

Vikram Sud, Group COO of Kotak Mahindra Bank Limited, said, "In our aspiration towards building a world-class, integrated banking and financial services institution, we are rolling out several initiatives which include a shared services utility model to leverage economies of scale and adopting more environmentally friendly processes including the reuse of materials, waste recycling and using renewable energy sources."