Press Release: March 23, 2009

HP Wins $50 Million Information Technology Leasing Contract from Shinhan Bank

PALO ALTO, Calif., March 23, 2009

HP today announced it has signed a contract with Korea’s Shinhan Bank valued at up to $50 million for a technology solution to help the bank improve its return on investment, enhance its business efficiency and expand its operations.

Central to the contract is the sale-leaseback of Shinhan’s information technology assets, which will be financed by HP Financial Services, the company’s leasing and lifecycle asset management services subsidiary. HP will partner with Shinhan to deploy new technology that supports the bank’s business plan to manage the disposition of old assets in an environmentally responsible manner, simplifying the technology lifecycle management process.

Previously, Shinhan Bank reduced operational costs and increased system flexibility by migrating from mainframes to HP Integrity systems to maintain a large core banking system. The successful transformation paved the way for a new trend of mainframe downsizing in Korea’s banking industry.

“We’re delighted to expand our relationship with a valued client and help Shinhan Bank derive maximum value from its business technology investment,” said Tony O’Connor, vice president and managing director, HP Financial Services. “In these difficult economic times, far-sighted enterprises that intelligently invest in their IT infrastructures will be well-positioned when the economic turnaround arrives.”

HP Financial Services helps customers change the economics of IT by delivering a full range of leasing, financing and lifecycle asset management services. It enables customers to easily and economically deploy world-class technology in ways that meet their business needs, while managing the risks of dealing with older or surplus IT equipment.

An HP white paper released this month shows how chief information officers can help chief financial officers ease the pain of a tough economy by choosing advanced strategies such as technology lifecycle management through leasing.

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