Deutsche Bank has agreed to outsource its international corporate purchasing and invoicing operations to Accenture. Terms of the contract were not disclosed.
Under the services agreement, Accenture will manage Deutsche Bank's global procurement-to-payment processes but the bank will continue choose its suppliers and approve purchasing and payment procedures.
The global agreement with Accenture will consist of individual, country-specific contracts.
Deutsche says the move will cut costs and is in line with its strategy to concentrate on its core competencies.
The Frankfurt-based bank signed a 10 year, EUR2.5 billion contract with IBM, in December 2002 for the management of IT resources across Europe. Last year the bank denied reports that it was considering outsourcing or relocating a further 5500 IT jobs abroad.