HCLTech Expands $278M Partnership with Germany's apoBank

HCL Technologies has strengthened its collaboration with Deutsche Apotheker- und Ärztebank eG, Germany's largest cooperative primary bank, with a $278 million contract over 7.5 years. HCLTech will provide managed services to enhance apoBank's digital infrastructure, ensuring secure and rapid banking services for its customers.

HCL Technologies (HCLTech) has expanded its partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany's largest cooperative primary bank, in a deal valued at USD 278 million over 7.5 years, as disclosed in a regulatory filing on Tuesday.

With this agreement, HCLTech will implement an outcome-oriented managed services model aimed at delivering resilient, scalable, and high-quality digital foundation services. This will support apoBank in offering fast and secure banking services to its clientele, according to a company statement.

Thomas Runge, apoBank's COO, cited HCLTech's extensive Avaloq expertise and in-depth understanding of apoBank as key reasons for the partnership. Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe, HCLTech, expressed enthusiasm about leveraging HCLTech's managed infrastructure and cloud services to benefit apoBank's customers.