Deutsche Bank Agreed Multi-Year Partnership with Google for Cloud Services

Deutsche Bank expects the partnership to generate more than 1 billion euros in accumulated earnings before income and tax over the next ten years

FRANKFURT : 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."

(Except for the headline, this story has not been edited by Scrabbl staff and is published from a syndicated feed.)