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Economy

Economy

Deutsche Bank completes Postbank IT integration this weekend.

Deutsche Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustratio... Deutsche Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration
Deutsche Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustratio... Deutsche Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration

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Deutsche Bank (DBKGn.DE) will consolidate its IT platforms with Postbank clients this weekend, saving hundreds of millions of dollars.

Germany’s largest bank acquired Postbank, with its millions of customers and roots in the postal system, in 2008 during the global financial crisis, but it has struggled to integrate.

A Deutsche Bank official said the fourth and final integration wave would move 4 million contracts of 2 million Postbank clients to a shared IT system this weekend.

The bank announced on Twitter and elsewhere that customers would not have full access to all services during the weekend.

The bank announced that Deutsche Bank’s initiative “Unity” to integrate Postbank technology will save 300 million euros ($325.29 million) a year by 2025.

“Unity will pay off,” CEO Christian Sewing told analysts in April.

Deutsche ran into issues last year and had to keep old systems functioning at a cost.

After years of losses and scandals, CEO Sewing will have 19 million Postbank customers’ contracts on a single platform.

Decommissioning Postbank software and hardware will save money.


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