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HCLTech and apoBank Deepen Partnership

11 June 20243 mins read by Angel One
HCLTech strengthens its collaboration with apoBank, providing managed services to enhance customer experience while meeting regulatory standards.
HCLTech and apoBank Deepen Partnership
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On June 11, 2024, HCLTech, a big tech company, shared news about its increased partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), the biggest cooperative bank in Germany. HCLTech will now provide apoBank with managed services focusing on achieving specific results. These services will ensure that apoBank can offer its customers fast, secure, and high-quality banking services while meeting regulatory requirements.

Key Comments from Executives

Thomas Runge, who serves as the COO and a member of the Executive Board at apoBank, commented, “At apoBank, we welcome the expansion of our partnership with HCLTech. In addition to world-class capabilities in IT infrastructure and cloud-managed services, HCLTech has extensive Avaloq expertise and a deep understanding of apoBank. This makes HCLTech the ideal partner for apoBank. In this respect, it was a logical step to consolidate the IT services with HCLTech,”.

Sudip Lahiri, the Executive Vice President and Head of Financial Services for Europe at HCLTech said, “apoBank became an HCLTech client in 2021 through a partnership in application services. The new contract will result in a significant expansion in the relationship. We look forward to working with apoBank to help them serve their customers by leveraging our comprehensive portfolio of managed infrastructure and cloud services and our longstanding experience with Avaloq,”.

HCLTech’s Expertise

HCLTech is closely tied to Avaloq, a top player in banking technology. They’re highly skilled in using Avaloq’s main banking system. In 2022, HCLTech bought Confinale, a Swiss company known for its digital banking and wealth management consulting expertise. Confinale also worked closely with Avaloq.

About HCLTech

HCLTech is a worldwide technology company with over 227,000 employees in 60 countries. They specialise in digital, engineering, cloud, and AI services, offering various technology products and solutions. HCLTech serves clients in multiple industries, such as Financial Services, Life Sciences and Healthcare, Technology and Services, Manufacturing, Telecom and Media, Retail and CPG, and Public Services. Their total revenues for the 12 months ending March 2024 reached $13.3 billion.

On June 11, 2024, HCL Technologies Ltd’s share price opened at ₹1,425.00 and closed at ₹1,428.00 as of 03:30 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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