Swiss banking giant UBS has signed a multi-year agreement with technology provider EPAM Systems to support its cost reduction programme.

The latest deal worth over $300m and build on the existing relationship between the two companies who have been working together for nearly nine years across 10 countries and three continents.

EPAM SVP and co-head of global business Balazs Fejes said: “Throughout our long-standing relationship with UBS, we helped them push innovation to drive growth and develop scalable platforms, leveraging our digital design and wealth management expertise and quickly respond to regulatory and market changes.”

The technology provider said that the latest agreement will largely focus on innovation.

UBS group head of IT Mike Dargan said: "Over the past nine years, Epam has become a key supplier in helping us meet our clients' expectations by working closely together with UBS, while maintaining commitments to productivity and quality of delivery.

"We now look forward to evolving this valued relationship further over the coming years."