Deutsche Bank to enter into multi-year, strategic deal with Google
FRANKFURT (GERMANY) – In a bid to gain access to cloud services and usher in innovation in tech-based financial products for its customers, Deutsche Bank is all set to enter into a strategic, multi-year tie-up with Google, it said on Tuesday.
Deutsche had invited bids from Google, Amazon and Microsoft earlier this year year to revamp its redundant technology networks.
The partnership is part of a 13 billion euro ($14.70 billion) technology investment the bank has planned up to 2022.
The bank said it has inked a letter of intent with Google and multi-year contract would be signed in a few months.
According to a source, the bank eyes generating more than 1 billion euros through the deal in accumulated earnings before income and tax in the next ten years.
“The partnership with Google Cloud will be an important driver of our strategic transformation,” said Deutsche Bank CEO Christian Sewing.
“It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization. It is as much a revenue story as it is about costs.”
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field