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Under the 10-year agreement, HP will provide
computing capacity and data storage to host Deutsche's
operations, the two companies said in a joint statement on
Tuesday. Deutsche will retain activities such as IT architecture
and information security.
The HP deal will allow the bank to reduce costs and launch new
products and services more quickly, Deutsche Bank Chief
Operating Officer Henry Ritchotte said in a statement.
The companies did not specify the exact value of the contract.
The deal does not directly affect a 2003 accord Deutsche
concluded with IBM to run its retail banking operations in
Germany, including those of its high street branch network
separately listed as Postbank.
Deutsche Bank launched a strategic review in December designed
to reposition the group as it falls short of its own
profitability targets. The bank has considered selling Postbank
as one option among many in the restructuring.
Part of the bank's long-standing restructuring efforts have
included moving to a more flexible digital platform as pressure
rises on the financial sector overall to cut costs, embrace
web-based client platforms, and face competitors coming from
outside of traditional banking.
(Reporting by Maria Sheahan and Thomas Atkins; Editing by Edward
Taylor and Keith Weir)
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