Deutsche Bank has inked an agreement to sell its information technology (IT) unit Postbank Systems to India-based technology giant Tata Consultancy Services (TCS).
Financial details of the transaction were not divulged.
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Under the agreement, TCS will fully-acquire Postbank Systems and absorb nearly 1,500-strong workforce of the acquired entity.
TCS has over 453,000 consultants in 46 countries. Postbank Systems’ acquisition will add to its growth in Germany and in the financial services industry.
Deutsche Bank’s plans for modernising its IT platform will not be affected by this deal.
The divestment will add to Deutsche Bank’s €120m transformation plan announced last year.
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By GlobalDataTCS is already an IT services partner of the bank. The latest deal will deepen this relationship.
TCS COO and executive director N G Subramaniam said: “We are pleased to deepen our long-standing partnership with Deutsche Bank, continue to help accelerate their digital transformation, and to acquire market specific capabilities in the banking domain.
“We warmly welcome Postbank Systems’ IT professionals into the TCS family and invite them to avail the learning and development opportunities here and help script the next chapter of TCS’ growth in Germany.”
Deutsche Bank chief technology, data and innovation officer Bernd Leukert said: “As part of our move to one technology organisation, we are consolidating the IT platform for our retail banking brand Postbank into the Deutsche Bank platform.
“TCS is already a trusted IT services partner for Deutsche Bank and this strengthens our relationship further.
“We are confident that TCS is the ideal owner for Postbank Systems. With this transaction, we have agreed a structure that serves all parties’ interests.
“It provides clarity to Postbank Systems staff and gives them the opportunity to become part of the success and growth story of TCS.”
The agreement is expected to be finalised by the end of this year and awaits regulatory approvals.
