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Deutsche Bank, Google sign multi-year, strategic partnership

Tuesday 7 July 2020 08:41 CET | News

Deutsche Bank has agreed a strategic, multi-year partnership with Google to give the German lender access to cloud services and drive innovation in technology-based financial products for clients.

The deal is part of a USD 14.70 billion technology investment Deutsche has planned up to 2022 as it restructures to recover from years of losses. Earlier in 2020, Deutsche invited bids from Google, Microsoft, and Amazon to overhaul the bank’s outdated and fragmented technology networks.

Google and Deutsche have now signed a letter of intent and plan to sign a multi-year contract within the next few months, the bank said.

Citing a source familiar with the matter, Reuters specified that Deutsche Bank expects the partnership to generate more than USD 1.13 billion in accumulated earnings before income and tax (EBIT) over the next ten years.
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Keywords: Deutsche Bank, cloud, technology, Google, banking, Microsoft, Amazon, innovation, digitalisation
Categories: Banking & Fintech | Payments General
Countries: Germany
This article is part of category

Banking & Fintech