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HP extends Canadian Imperial Bank contract

The deal adds an additional four years to Hewlett-Packard's original contract with CIBC.

Hewlett-Packard announced Friday that it has renewed its agreement to provide services to the Canadian Imperial Bank of Commerce (CIBC) until 2013. The deal adds an additional four years to HP's original contract with CIBC. As part of the agreement, HP will oversee the enterprise infrastructure of CIBC's electronic banking services including ATM, wire payment, fraud detection, Internet banking and point-of-sale exchanges.

The deal, according to a statement from HP, is assessed at $1.2 billion over the next seven years. HP also will assist as CIBC continues its transition into new electronic banking technologies, the company said in its statement. It will maintain CIBC's network and storage management systems, as well as operating systems and applications. CIBC will retain responsibility for its own desktop support infrastructures.