Tata Consultancy Services on Tuesday announced it has been selected by German commercial bank NORD/LB as a strategic partner for its IT transformation.

NORD/LB targets a new business model by 2024.

As part of the five-year partnership, TCS will work with the bank to simplify and transform its application estate across businesses — financial markets, wholesale and retail banking.

The IT services, consulting and business solutions organisation will help the bank adopt newer technologies to automate manual processes in application management and enhance operational resilience.

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“Leveraging its deep knowledge of local banking norms, TCS will also build new features and functionality to support NORD/LB’s transformation goals,” the company said in an official release.

“NORD/LB is transforming its business to adapt to the latest trends, and we decided it was time for us to look at the next step of technology transformation,” said Tobias Meiler, CIO, NORD/LB.

“After a thorough process, we selected TCS as the partner for this journey, as they demonstrated deep market and financial domain expertise, global delivery capability augmented with strong German delivery, customer focus and strong transformation capabilities,” said Meiler.

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“TCS is delighted to partner with NORD/LB, one of Germany’s largest commercial banks. We will leverage our deep domain knowledge and technology expertise to transform their IT landscape and help accelerate their growth and transformation journey,” said Uma Rijhwani, Business Unit Head, Financial Services – Central Europe, TCS.

TCS currently partners over 100 leading German corporations, including 20 of the DAX40. In January 2021, it acquired Postbank Systems AG, an IT service provider, adding around 1,500 employees with banking expertise.

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