Within its retail banking business, Deutsche Bank has launched operations of “Magellan”, the newest information technology (IT) and processing platform for banking services in Europe. “Magellan” comprises the entire IT infrastructure as well as all of the clearing and settlement processes of the Private & Business Clients (PBC) Business Division in Germany. The migration of more than five million savings accounts at Deutsche Bank to the new, high performance platform started on July 2. “Magellan” will provide the shared foundation for operating the branches of both Deutsche Bank and Postbank, representing a further step forward towards industrializing business processes and greater cost efficiency in PBC. By 2015 PBC will have invested approximately one billion euro in developing Magellan.
Rainer Neske, Management Board member of Deutsche Bank with responsibility for the Private & Business Clients franchise, said at the platform’s inauguration: “For our clients, Magellan will result in a faster and more efficient service as well as greater product quality. Magellan is a further milestone in implementing our integration strategy for Postbank and in establishing a retail banking powerhouse in Germany. With this investment, we are consolidating our position among the top retail banks in Europe and will be clearly and sustainably bringing our cost/income ratio down over the medium term in the Private & Business Client Business Division.”
All of the PBC accounts and business processes in Germany should be migrated step by step to Magellan by 2015. The new platform will then be fully operational for the more than 2,000 Deutsche Bank and Postbank branches, serving a combined total of 24 million private and business clients in Germany. Through the resulting simplification and standardization of its IT systems and all of its processing, the bank expects to generate cost synergies already in 2012 of around 200 million euro.
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Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in more than 70 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, employees and the communities in which it operates.
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