TCS to acquire Deutsche Bank subsidiary

MUMBAI: India’s largest IT services firm Tata Consultancy Services (TCS) on Monday said it will acquire 100 per cent shares of Postbank Systems AG (PBS) from Deutsche Bank AG. PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank, catering for the German retail banking market. PBS has approximately 1,500 employees across nine locations in Germany. The transaction will see the employees of PBS become a part of the Mumbai-based company. In a regulatory filing, TCS said “100 per cent of the shares will be acquired by TCS Netherlands BV (a subsidiary of TCS)” and the “estimated transaction value at a symbolic 1 euro.” The transaction is subject to both parties finalising further agreements, which they intend to do by end-2020. The transaction is subject to customary regulatory and governmental approvals. The deal will add to TCS’ scale in Germany and strengthen its growth outlook, it said in a statement.