Following completion of the transaction, which is subjected to Xchanging shareholder and German banking regulatory approvals, Xchanging will continue to provide services from India to XTB.
Xchanging will also continue to serve Deutsche Bank as a provider of business processing services, procurement services and technology services in the future.
The transaction will complement the German bank’s strategy of new IT and process platform, to facilitate front-to-back process integration and to reduce complexity.
Xchanging Plc chief executive Ken Lever said, "The transaction announced today completes the last substantial strategic element of the Four Part Action Plan launched in 2011."
Additionally, Xchanging will extract the 51% shareholding of XTB in FondsdepotBank (FdB) with Allianz Global Investors (AGI), immediately before the sale of XTB to Deutsche Bank.
The cash proceeds will be used by Xchanging to partially pay balance of the group’s bank term loan, while the remaining will be invested for businesses growth.
