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Deutsche Bank and Google agree multi-year, strategic partnership

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Deutsche Bank said on Tuesday it 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.

FILE PHOTO: A logo of Google is seen at an office building in Zurich, Switzerland July 1, 2020. REUTERS/Arnd Wiegmann

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07 Jul 2020 02:40PM

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FRANKFURT: Deutsche Bank said on Tuesday it 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.

Earlier this year, Deutsche invited bids from Google, Microsoft , and Amazon to overhaul the bank's outdated and fragmented technology networks.

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The deal is part of a 13 billion euro (US$14.70 billion)technology investment Deutsche has planned up to 2022 as it restructures to recover from years of losses.

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.

A source familiar with the matter told Reuters that Deutsche Bank expects the partnership to generate more than 1 billion euros (US$1.13 billion) in accumuRead More – Source