UniCredit SpA’s Ukrainian unit signed a $200 million agreement with International Business Machines Corp. to outsource information technology systems as the bank seeks to cut costs and improve customer service.

“This is the first instance of full outsourcing in the region and marks a new era” “in the development of Ukraine’s financial service sector,” Joseph Benaroya, vice president of IBM Global Technology Services, said of the 10-year agreement in a statement. “Banks across growth markets are currently under enormous pressure to reduce costs and operational complexities while at the same time improve the customer experience.”