IT services firm HCL Tech on June 11 said that it has signed a contract with Germany's cooperative primary bank Deutsche Apotheker- und Ärztebank eG (apoBank) worth $278 million over a duration of 7.5 years.
The company will help apoBank with an outcome-oriented managed services model to deliver fast and secured banking services to its customers, HCLTech said in statement.
“At apoBank, we welcome the expansion of our partnership with HCLTech. In addition to world-class capabilities in IT infrastructure and Cloud managed services, HCLTech has extensive Avaloq expertise and deep understanding of apoBank. This makes HCLTech the ideal partner for apoBank. In this respect, it was a logical step to consolidate the IT services with HCLTech,” said Thomas Runge, COO and Member of Executive Board, apoBank.
“apoBank became a HCLTech client in 2021 through a partnership in application services. The new contract will result in a significant expansion in the relationship," added Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe, HCLTech.
HCLTech is a strategic partner of Avaloq, provider of banking technology and services, and has strong expertise with Avaloq’s core banking system. In 2022, HCLTech acquired Swiss company Confinale, a digital banking and wealth management consulting specialist and Avaloq implementation partner.
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