July 7, 2020 / 5:58 AM / a month ago

Deutsche Bank and Google agree multi-year, strategic partnership

FRANKFURT, July 7 (Reuters) - Deutsche Bank said on Tuesday it has agreed a strategic, multi-year partnership with Google to give the German lender access to cloud services and drive innovation in technology-based financial products for clients.

A source familiar with the matter told Reuters that Deutsche Bank expects the partnership to generate more than 1 billion euros ($1.13 billion) in accumulated earnings before income and tax (EBIT) over the next ten years.

Both parties have signed a letter of intent and plan to sign a multi-year contract within the next few months, the bank said.

“The partnership with Google Cloud will be an important driver of our strategic transformation,” said Deutsche Bank Chief Executive Christian Sewing.

“It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization. It is as much a revenue story as it is about costs.”

$1 = 0.8847 euros Reporting by Hans Seidenstuecker Writing by Caroline Copley Editing by Michelle Martin

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