The FINANCIAL -- Within
its retail banking business, Deutsche Bank has launched operations of
“Magellan”, the newest information technology 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. As Deutsche Bank reported, 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.