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Deutsche Bank and Google agree multi-year, strategic partnership

Earlier this year, Deutsche invited bids from Google, Microsoft , and Amazon to overhaul the bank's outdated and fragmented technology networks.

July 07, 2020 / 12:12 IST
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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.

Earlier this year, Deutsche invited bids from Google, Microsoft , and Amazon to overhaul the bank's outdated and fragmented technology networks.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