It’s official: TCS to buy Deutsche Bank’s technology unit

TCS is to acquire 100% share of the tech services unit of Deutsche Bank AG. India’s biggest IT company’s takeover of Postbank Systems AG’s 1,500 employees, who will now be part of TCS, will help Deutsche Bank to get closer to its job-cuts target. Deutsche will save 120 mn euros because of the deal which is likely to be completed by end of the year. PB Systems, in the year 2015, generated 533 mn euros ($632 mn) revenue.

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