Under the $540 million multi-year agreement, the bank will outsource the majority of its IBM Z mainframe servers and software operations to IBM.
"As we continue to grow our long-standing relationship with Nordea, we are looking forward to working with them to drive their digital progress with IBM Services," said Martin Jetter, senior vice president, IBM Global Technology Services.
"Our latest agreement will help Nordea accelerate its leadership as one of the largest financial services organizations in the Nordics and provide a solid path to bringing new efficiencies in their digital transformation."
Nordea, which has worked with IBM since 2003, will also transfer a group of employees to IBM.
IBM says that by outsourcing it’s IBM Z infrastructure, Nordea “will have continued access to the latest technology advancements, including cognitive services, while at the same time maintaining a sustainable IBM Z organisation”.