German banking giant Deutsche Bank has awarded an application development and maintenance contract to Indian IT services firm HCL Technologies. The financial details of the deal were not disclosed.

Under the terms of agreement, HCL will provide digital solutions, systems integration, product implementation and design and build and test new applications in addition to the ongoing application maintenance and support services.

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The vendor said that it will also manage existing application suites in use at the German global bank, including corporate banking, asset and wealth management, securities and back office operations.

The program is part of a broader strategic initiative by Deutsche Bank.

Deutsche Bank group CIO Kim Hammonds said: "In today’s challenging business environment, IT applications – especially governance, risk and compliance applications – need to be highly reliable, scalable, and continuously optimized in order to deliver world-class experience to our customers.

"HCL is a long-standing partner, and we believe HCL’s applications development and maintenance expertise and deep industry knowledge will create significant business impact for us."

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HCL Technologies corporate vice president, financial services, Parag Samarth said: "We are pleased to have been selected by Deutsche Bank and we look forward to helping them create a high performance banking application portfolio to support their key programmes over the coming years.

"Innovative companies realize unique value by creating an agile IT function that drives innovation and growth, adapting their application landscapes to rapidly changing business environments."