July 24, 2024
HCL Tech Secures $278 Million Contract with apoBank for Enhanced Banking Services

HCL Tech Secures $278 Million Contract with apoBank for Enhanced Banking Services

Jun 11, 2024

In a move set to revolutionize banking services, IT services giant HCL Tech announced today the signing of a monumental $278 million contract with Deutsche Apotheker- und Ärztebank eG (apoBank), a premier cooperative primary bank based in Germany. Spanning over 7.5 years, this partnership underscores a strategic collaboration aimed at delivering rapid and fortified banking solutions to apoBank’s esteemed clientele.

Harnessing an outcome-oriented managed services model, HCL Tech pledges to elevate apoBank’s operational efficiency while fortifying its cybersecurity measures. Through a statement, HCL Tech emphasized its commitment to delivering world-class IT infrastructure and cloud managed services, complemented by its extensive expertise in Avaloq, a leading provider of banking technology.

Thomas Runge, COO and Member of the Executive Board at apoBank, lauded the expanded partnership with HCL Tech, citing the company’s profound understanding of apoBank’s needs and its unparalleled Avaloq proficiency as pivotal factors in solidifying the collaboration. He emphasized the strategic alignment between the two entities, marking the consolidation of IT services with HCL Tech as a logical progression.

Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe at HCL Tech, highlighted the evolution of the partnership, noting that apoBank transitioned to a client of HCL Tech in 2021, primarily in application services. The latest contract represents a substantial augmentation of their relationship, underscoring the mutual trust and shared vision between the two organizations.

Notably, HCL Tech’s strategic alliance with Avaloq has fortified its position as a leader in banking technology solutions. With its acquisition of Confinale in 2022, a Swiss-based digital banking and wealth management consulting firm and Avaloq implementation partner, HCL Tech has further bolstered its expertise in delivering cutting-edge banking solutions tailored to meet the evolving needs of financial institutions worldwide.

This landmark partnership between HCL Tech and apoBank heralds a new era of innovation and excellence in banking services, setting a benchmark for industry-wide collaboration and technological advancement.

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