International Business Machines (NYSE:IBM) and Italy-based commercial bank UniCredit have entered into a "multi-billion dollar, 10-year agreement," in which IBM will provide UniCredit with cloud-based infrastructure support throughout Europe, IBM announced today. Financial specifics of the long-term agreement were not disclosed.

As part of the arrangement, UniCredit's Business Integrated Solutions division and IBM will create a separate operating unit to provide IT support to both companies, in addition to marketing the new entity's services to other institutions.

IBM senior vice president of Global Technology Services Erich Clementi commented, "Forward thinking organizations like UniCredit are moving beyond basic needs like cost-cutting to higher-order business outcomes such as growth, competitive advantage and, of course, innovation."