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

“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.

“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,” said Bernd Leukert, Chief Technology, Data and Innovation Officer, Deutsche Bank, adding that TCS is already a trusted IT service partner for Deutsche Bank and this strengthens the relationship further.