HCL acquires banking firm in Germany

The country’s third largest software services firm, HCL and Deutsche Apotheker- und Ärztebank eG (apoBank), the largest cooperative primary bank in Germany, have signed with Atruvia AG an agreement to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs). The transaction is expected to close in Jan. 2022. Post-closing, HCL will own 51%, while apoBank will own 49% stake of gbs. apoBank is currently a 10% shareholder and is increasing its stake in gbs from 10% to 49%. The financial details of the transaction were not disclosed.

The acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance HCL’s scale in Germany, the company said in a statement on Wednesday.

“Germany is one of the largest economies in Europe and is, therefore, a strategic region for HCL,” said Sudip Lahiri, Senior Vice President and Head of Financial Services, Europe, HCL Technologies.

The partnership will enable HCL to expand within the German financial services sector.

“HCL’s innovative delivery models and financial services expertise, along with gbs’ knowledge of the cooperative banking sector, local IT and regulatory requirements is a winning combination,” said Johannes Kermer, Divisional Board Member for IT and Operations at apoBank.

HCL Technologies has eight offices in Germany, with its regional headquarters in Eschborn and has close to 1,800 employees in the country.

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