Deutsche Bank Agrees to Sell Postbank Systems to Tata Consultancy Services

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 [e-mail]; @pietrolombard10

(END) Dow Jones Newswires

November 09, 2020 07:32 ET (12:32 GMT)

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