LONDON (dpa-AFX) - Broadcom Inc. (AVGO), a fabless semiconductor company, and Lloyds Banking Group plc (LYG) on Wednesday announced a multi-year agreement to expand their long-standing partnership, supporting the company's strategic transformation.
Under the deal, Lloyds will use Broadcom's VMware Cloud Foundation and mainframe software to boost the resilience, agility, and scalability of its systems.
The move aims to speed up digital services for the bank's 28 million customers, including payments, loan applications, and everyday banking.
The expanded partnership will also support Lloyds' data centre consolidation strategy and provide its engineers with training and professional services from Broadcom.
In the pre-market trading, Broadcom is 0.06% higher at $360.21 on the Nasdaq.
On Tuesday, Lloyds Banking closed trading, 1.51% lesser at $4.5600 on the New York Stock Exchange.
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