As per the terms of the acquisition, which was initially inked in May 2013, the German lender agreed to acquire 51% shareholding in the bank, with a strategy to takeover the full control on XTB.
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 chief executive Ken Lever said, "The transaction announced today completes the last substantial strategic element of the Four Part Action Plan launched in 2011."
Following approvals from the concerned regulators as well as shareholders of Xchanging, the acquisition is effective from 1 September 2013.
The acquired entity has been rebranded as DB Investment Services and will be combined into Deutsche Bank’s infrastructure operations.
Based on the terms of the agreement, Holger Wegmann will become the CEO, Catrin Röthe will be the chief production officer (CPO), while Dr Thomas Beemelmann will assume the post of chief operating officer (COO).
Set up in 1870, Deutsche Bank has a workforce of 78,000 employees in more than 70 nations across the globe and the lender delivers banking and wealth management services, among others.
