TCS to acquire Deutsche Bank’s IT unit
India’s largest IT service provider, Tata Consultancy Services (TCS) is acquiring Postbank Systems AG, which offers IT services to Deutsche Bank.
As part of the deal, TCS will acquire 100% shares of Postbank Systems and integrate its 1,500 member team. The Germany based tech firm will help TCS in expanding its presence in the region.
Deutsche Bank’s 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 on 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.”
TCS is also pleased to welcome the acquisition deal. Both companies have a history of working together.
The transaction is subject to both parties finalising further agreements by December 31, 2020. It is also subject to regulatory and government approvals.
In a press note, Deutsche Bank said that the deal will result in cost savings in the range of 120 million euros.
The deal will also help Deutsche Bank CEO Christian Sewing to meet his job cuts target as part of the larger restructuring plan.