HCL Technologies and Deutsche Apotheker- und Ärztebank eG (apoBank), a German cooperative primary bank, have acquired IT consulting company esellschaft für Banksysteme (gbs) from Atruvia.

While the Indian IT services provider has acquired a 51% stake, apoBank has acquired an additional stake of 39% to increase its ownership to 49%.

According to HCL Technologies, the acquisition will give an edge to its existing capabilities to expedite digital transformation and further boost its scale in Germany.

HCL Technologies said that its existing strengths combined with the portfolio of gbs will allow it to grow within the German financial services sector.

The Indian IT company and apoBank plan to utilize gbs’ in-depth knowledge of the cooperative banking sector and regulatory expertise to provide next-generation services to its clients.

Sudip Lahiri — Senior Vice President and Head of Financial Services, Europe, HCL Technologies said: “Germany is one of the largest economies in Europe and is, therefore, a strategic region for HCL.

“We’re excited to welcome gbs to HCL and look forward to playing a significant role in shaping the digital transformation journey and providing next-generation services to our German clients leveraging Fenix 2.0 (HCL’s industry leading digital transformation framework).

“There’s a great alignment between both organizations and together with gbs, HCL will further augment expertise in the financial services portfolio which will expand our footprint in the region.”

  apoBank, Atruvia, gbs, Germany, HCL Technologies, Sudip Lahiri