Deutsche Bank signs 2028 contract extension for Avaloq tech
Deutsche Bank has extended its contract with banking technology provider Avaloq, in a deal which will see the latter continue to provide its systems for the Tier 1 bank in Asia and Europe until 2028.
The contract covers Deutsche Bank’s wealth management businesses in six countries – Switzerland, Luxembourg, the UK, Saudi Arabia, Singapore and Hong Kong – and is one of Avaloq’s largest business process outsourcing (BPO) projects.
“Wealth Management is a key growth driver for Deutsche Bank so it is essential that we invest in the most technologically advanced solutions and platforms to help serve our clients around the world,” says Jan Wohlschiess, chief operating officer, and chief information officer for private banking and wealth management at Deutsche Bank.
“We have a strong relationship with Avaloq and see the firm as a good partner to meet our bank and clients’ needs. We look forward to seeing further investment in their products and solutions.”
Deutsche Bank has been an Avaloq client since 2013, offering an outsourcing service that oversees a significant portion of Deutsche’s technology infrastructure in the above jurisdictions.
The Swiss vendor sees Deutsche as one of its most important clients, and as a signpost that it can handle working with large and sophisticated banks cross-border.
“We are delighted to announce this extension with Deutsche Bank, particularly as the relationship covers multiple jurisdictions and different markets,” says Paco Hauser, head of markets at Avaloq.
“We believe it showcases the very best of the Avaloq Banking Suite and the profound capabilities that [BPO] solutions are delivering for large, growth-focused financial institutions.”