New Delhi, Nov 9 (IANS): Tata Consultancy Services (TCS) and Deutsche Bank AG on Monday announced an agreement under which TCS will acquire 100 per cent shares of Postbank Systems AG (PBS) from the latter.

PBS is the full-range captive IT service provider that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank. PBS and its around 1,500 employees will become part of TCS, deepening the relationship between the two organisations, said a TCS statement.

"This 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," it said.

The transaction is subject to both parties finalising further agreements, which they intend to do by end-2020. Furthermore, the transaction is subject to customary regulatory and governmental approvals.

"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," said N.G. Subramaniam, Chief Operating Officer and Executive Director, TCS.

"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," said Bernd Leukert, Chief Technology, Data and Innovation Officer, Deutsche Bank, adding that TCS is already a trusted IT service partner for Deutsche Bank and this strengthens the relationship further.