Following a competitive bid process with a number of parties, IBM was selected for exclusive contract negotiations in July this year. During the intervening period, an extensive due diligence phase was undertaken and relevant regulatory approval sought.

IBM will manage the bank's entire IT infrastructure, including desktop systems, servers, mainframes, local area networks and service desk.

Partner Anthony Lloyd led the Minter Ellison team, both he and senior associate Nick Pascoe spent time in Dublin. Senior associate Jane Quek co-ordinated the team in Australia.

According to Minters, the transaction presented some complex challenges in a market hit hard by the GFC. Special consideration had to be given to the impact of off-shoring and certain requirements surrounding government funding. There was also particular scrutiny by Irish and UK regulators, given the impact of the GFC in Europe, particularly Ireland.