Economy

HCL acquires a German banking firm

HCL Technologies and Deutsche Apotheker- und Arztbank eG (apoBank), Germany’s largest cooperative primary bank, have agreed to buy Gesellschaft für Banksysteme GmbH from Atruvia AG (gbs). The transaction is expected to finalise in January 2022. HCL will control 51 percent of gbs after the close, while apoBank will own 49 percent. apoBank presently holds 10% of gbs and plans to raise its interest to 49% in the near future. The financial specifics of the purchase were not made public.

HCL said in a statement on Wednesday that the acquisition will boost the company’s existing capabilities for accelerating digital transformation and growing its footprint in Germany.

“Germany is a crucial market for HCL because it is one of Europe’s largest economies,” said Sudip Lahiri, Senior Vice President and Head of Financial Services, Europe, HCL Technologies.

As a result of the cooperation, HCL will be able to grow its activities in Germany’s financial services sector.

“The combination of HCL’s innovative delivery methodologies and financial services expertise with gbs’ knowledge of the cooperative banking industry, local IT, and regulatory needs is a winning one,” stated Johannes Kermer, Divisional Board Member for IT and Operations at apoBank.

HCL Technologies employs roughly 1,800 employees in Germany, where it has eight offices and its regional headquarters in Eschborn.

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