TCS completes buyout of Postbank Systems

IT major TCS on Friday said it has completed acquisition of 100% shares of Postbank Systems AG (PBS) from Deutsche Bank AG.

PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank, catering for the German retail banking market. It has approximately 1,500 employees across nine locations in Germany.

“The acquisition was to be completed by year end 2020 subject to customary regulatory and governmental approvals. This is to inform you that the aforesaid acquisition of Postbank Systems AG has been completed today,” TCS said. The transaction will see the employees of PBS become a part of the Mumbai-based company. — PTI