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Vneshtorgbank intends to increase its IT budget by 30% in 2006
The Foreign Trade Bank of Russia (Vneshtorgbank) intends to increase its IT budget by 30% in 2006, the bank's senior vice president Andrei Korotkov said Friday. Vneshtorgbank's 2005 IT budget is $55 million, a source in the bank said. "The number of banks will be declining and only banks focusing on up-to-date technology will win," Korotkov said. Vneshtorgbank intends to make a major investment in cooperation with Oracle, a global leader in corporate software development. Vneshtorgbank and Oracle CIS signed a memorandum on strategic partnership Friday. According to Korotkov, Vneshtorgbank has opted for Oracle's technology to implement its IT strategies and projects. The agreement, in particular, stipulates the creation of an Internet platform, an integrated decision-making support system, and a database control system. Korotkov expressed the hope that Oracle would join a tender to develop the bank's data storage software
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