Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, 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, TCS will also build new features and functionality to support NORD/LBīs transformation goals.
"NORD/LB is transforming its business to adapt to the latest trends and we decided it was time for us to look at the next step of technology transformation," said Tobias Meiler, CIO, NORD/LB. "After a thorough process, we selected TCS as the partner for this journey as they demonstrated deep market and financial domain expertise, global delivery capability augmented with strong German delivery, customer focus and strong transformation capabilities."
"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," said Uma Rijhwani, Business Unit Head, Financial Services - Central Europe, TCS.
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. TCS was ranked first in customer satisfaction by leading Germany companies in a survey by Whitelane Research. 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.
Shares of Tata Consultancy Services Ltd. was last trading in BSE at Rs. 3836.95 as compared to the previous close of Rs. 3871.3. The total number of shares traded during the day was 59914 in over 8561 trades.
The stock hit an intraday high of Rs. 3904 and intraday low of 3804. The net turnover during the day was Rs. 230325117.