Shares of HCL Technologies Ltd were trading in the green and 3% higher on 12 June after the company announced renewing a $278 million deal for a period of 7.5 years with Germany’s apoBank. 

As a part of the agreement, the IT major said that they will help the bank with an outcome-oriented managed services model that delivers resilient, scalable, high quality and compliant digital foundation services, enabling apoBank to deliver fast and secured banking services to its customers.

Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe, HCLTech, said, “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.”

apoBank became a client of the company in 2021 through a partnership in application services. The new contract will result in a significant expansion in the relationship. 

HCLTech is a strategic partner of Avaloq, a provider of banking technology and services with extensive expertise in Avaloq’s core banking system. In 2022, HCLTech acquired Confinale, a Swiss company specialising in digital banking and wealth management consulting, and it became an implementation partner of Avaloq.

At 1:20 pm, the shares of HCL Technologies were trading 0.82% higher at Rs 1,440.50 on NSE.