Deutsche Bank and Tata Consultancy Services agreed on the sale of Postbank Systems to TCS.
Under the terms of the transaction, Tata Consultancy Services (TCS) will acquire 100 percent of the shares of Postbank Systems from Deutsche Bank, according to a media release on Monday. 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.
TCS is an IT services, consulting and business solutions organization 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 modernizing its IT platform. It will serve to further deepen the existing relationship with TCS.
Further Agreements
The transaction is subject to both parties finalizing 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 announced in July 2019.
