Daiwa Bank and IBM Japan Ltd. said Monday they have agreed to form a joint venture that will develop and operate information systems for the commercial bank.

The two companies will sign a 10-year outsourcing contract under which IBM Japan and the joint venture will operate the bank’s information systems, they said. The joint venture company is to be capitalized at 100 million yen, with Daiwa owning 65 percent and IBM the rest, according to the officials.

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