Tata Consultancy Services (TCS) Ltd is set to acquire Postbank Systems AG (PBS) from Frankfurt-based Deutsche Bank AG.
The deal value was not disclosed. The transaction is expected to be complete by the year-end, subject to regulatory approvals.
As part of the transaction, TCS will acquire 100% of the shares of Postbank Systems and its 1,500 employees will also become part of the Indian IT firm. PBS is the captive IT service provider that provides project management, application management and infrastructure support services to Deutsche Bank.
“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, TCS.
Deutsche Bank is an existing customer of TCS.
The acquisition will help the Mumbai-based firm to further add to its scale in Germany and strengthen its growth outlook.
“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. We are confident that TCS is the ideal owner for Postbank Systems,” said Bernd Leukert, Chief Technology, Data and Innovation Officer, Deutsche Bank.
