Deutsche Bank Agrees to Sell Postbank Systems to Tata Consultancy Services
09 November 2020 - 1:47PM
Dow Jones News
By Pietro Lombardi
Deutsche Bank AG has reached an agreement with Tata Consultancy
Services Ltd. for the sale of its technology-services unit Postbank
Systems AG.
Under the agreement, Postbank Systems and its roughly 1,500
employees will become part of Tata Consultancy Services, the German
bank said Monday.
Financial details of the deal weren't disclosed.
The sale is part of a deep restructuring that the lender is
undergoing, which includes cutting 18,000 jobs and exiting
businesses.
The overhaul was launched last year after merger talks with
Commerzbank AG failed, and recent results hint that it may be
starting to pay off.
"The transaction will not affect Deutsche Bank's plans nor
disrupt its schedule for modernizing its IT platform," the bank
said.
The transaction is subject to regulatory and governmental
approvals, as well as the finalization of further agreements
between the parties that should be reached by the end of the
year.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
November 09, 2020 07:32 ET (12:32 GMT)
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