Deutsche Bank has agreed a multi-year partnership with Google to give the German firm access to cloud services and drive innovation in technology-based financial products for clients.
Earlier this year, Deutsche invited bids from Google, Microsoft, and Amazon to overhaul the bank’s fragmented technology networks.
The deal is part of a 13 billion euro ($14.70 billion) technology investment Deutsche has planned up to 2022 as it restructures to recover from years of losses.
Google and Deutsche have now signed a letter of intent and plan to sign a multi-year contract within the next few months.
Deutsche Bank expects the partnership to generate more than 1 billion euros ($1.13 billion) in accumulated earnings before income and tax (EBIT) over the next ten years, Reuters reported on Tuesday.
“The partnership with Google Cloud will be an important driver of our transformation,” said Deutsche Bank CEO Christian Sewing. “It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization. It is as much a revenue story as it is about costs.”