Accenture and IBM said Friday they have entered into a long-term strategic collaboration with UniCredit to modernize the Italian bank's technology infrastructure and support its artificial-intelligence ambitions across Europe.

As part of the agreement, Accenture will acquire IBM's majority stake in a joint venture that manages a significant portion of UniCredit's technology infrastructure. IBM will continue to provide the bank with technology platforms, including IBM Z systems, software and consulting services.

The companies said the partnership will establish a new operating model for UniCredit's banking technology, combining cloud, data and AI capabilities with mission-critical infrastructure. They said the program is intended to support the bank's operations across its 13 European markets.

The transaction is expected to close after regulatory approvals and other customary closing conditions are satisfied. Financial terms weren't disclosed.