TCS to lead the IT transformation for German commercial bank NORD/LB S

Tata Consultancy Services has been selected by NORD/LB, a leading German commercial bank, as its strategic partner for its IT transformation.

NORD/LB has embarked on a transformation journey that targets a new business model by 2024, and a leaner, more agile operating model. It has partnered with TCS in this journey for the latter's extensive knowledge of Germany's banking and financial services as well as its proven track record of executing large transformation programs.

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

TCS will help NORD/LB adopt newer technologies to automate manual processes in the application management environment and enhance operational resilience. Leveraging its deep knowledge of local banking norms, The company will also build new features and functionality to support NORD/LBs transformation goals.

Uma Rijhwani, Business Unit Head, Financial Services - Central Europe, TCS, said: TCS is a strategic partner for multiple leading financial institutions across the region, and has been driving IT landscape transformation, business innovation and growth.

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.

Present in Germany since 1991, TCS currently partners with over 100 leading German corporations in their growth and transformation journeys, including 20 of the DAX40.

In January 2021, TCS acquired Postbank Systems AG, a full-range captive IT service provider, adding around 1,500 employees with deep banking expertise, to support its growth in Germany.

TCS is an IT services, consulting and business solutions organization. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.

The IT firm's net profit fell 2.57% to Rs 9,008 crore on 3.90% increase in net sales to Rs 45,411 crore in Q1 June 2021 over Q4 March 2021.

The scrip fell 1.46% to currently trade at Rs 3781 on the BSE.

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