Deutsche Bank has selected Tata Consultancy Services (TCS) as a strategic partner for their production management transformation initiative, within their capital markets business unit.

This announcement was made by the software development firm on Monday.

From in.finance.yahoo.com:

To achieve this transformation, TCS will deliver a global service desk, service operations and all other ITIL (IT infrastructure library) services to the bank at locations across seven countries — USA, UK, Germany, Hungary, Philippines, Singapore and India,’ the company said in a statement.

The firm said it is a five-year, multimillion dollar contract, but did not divulge any further financial details.

TCS will partner with Deutsche Bank to transform to an ITIL aligned model, aimed at significantly improving service delivery through this framework of best practices.

‘Our extensive experience in IT transformation initiatives, industry-leading domain capabilities in financial services and long-term partnership approach allow us to offer superior value to Deutsche Bank as they look to leverage their strong market position,’ said Ramanamurthy Magapu, TCS banking industry solutions unit head.

Shares of the company (TCS) were 1.02 percent lower to trade at Rs.1,018.70 at the Bombay Stock Exchange.