Under the terms of the transaction, TCS will acquire 100 percent of the shares of Postbank Systems AG from Deutsche Bank AG. Postbank Systems and its around 1,500 employees will become part of TCS. The sale represents an important step forward for Deutsche Bank’s announced strategic transformation.

Bernd Leukert, Chief Technology, Data and Innovation Officer at Deutsche Bank 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.”

“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,” said N G Subramaniam, Chief Operating Officer and Executive Director, TCS. “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.”

TCS is an IT services, consulting and business solutions organisation with over 453,000 consultants in 46 countries. The acquisition of Postbank Systems will contribute to Tata Consultancy Services continued growth in Germany and in the Financial Services Industry.
The transaction will not affect Deutsche Bank’s plans nor disrupt its schedule for modernising its IT platform. It will serve to further deepen the existing strong relationship with TCS.

The transaction is subject to both parties finalising further agreements, which they intend to do by year-end-2020. Furthermore, the transaction is subject to customary regulatory and governmental approvals.

The transaction represents an additional step in Deutsche Bank’s transformation and is consistent with previously-communicated financial plans. It will result in the acceleration of expected transformation impacts of approximately 120 million euros as part of the strategy announcement in July 2019.