WealthTech company Avaloq has extended its partnership with Deutsche Bank until the end of 2028.
The contract sees Deutsche Bank implement Avaloq’s wealth management technology for its operations in Switzerland, Luxembourg, the UK, Saudi Arabia, Singapore and Hong Kong.
Deutsche Bank and Avaloq have been partners since 2013 and has expanded since then.
This extension will also see Avaloq provide the institution with an integrated, end-to-end outsourced service which can lower process complexities and improve data analytics capabilities. This will also enable the bank to focus more on its proposition and building products, it said.
Deutsche Bank COO Jan Wohlschiess said, “Wealth Management is a key growth driver for Deutsche Bank so it is essential that we invest in the most technologically advanced solutions and platforms to help serve our clients around the world. We have a strong relationship with Avaloq and see the firm as a good partner to meet our bank and clients’ needs. We look forward to seeing further investment in their products and solutions.”
Avaloq was recently selected by German bank Deutsche Apotheker- und Ärztebank eG (apoBank) to improve its securities settlement.