In a major development, India’s largest IT services firm Tata Consultancy Services (TCS) will acquire 100 pc shares of Postbank Systems AG (PBS). TCS will acquire the stakes from Deutsche Bank AG.

PBS has approximately 1,500 employees across nine locations in Germany and they will all be a part of the Mumbai-based company.

TCS said 100 per cent of the shares will be acquired by TCS Netherlands BV and 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. Further, the transaction is subject to customary regulatory and governmental approvals.

The deal will further add to TCS scale in Germany and strengthen its growth outlook. TCS is ranked by analysts as the fastest-growing IT service provider in Germany with a 10-year CAGR of over 24 per cent.

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TCS Chief Operating Officer and Executive Director N G Subramaniam said “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.”

TCS currently works with over 100 leading German corporations.

“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,” Deutsche Bank Chief Technology, Data and Innovation Officer Bernd Leukert said.

Leukert added that TCS is already a trusted IT service partner for Deutsche Bank, and this strengthens the relationship further.