PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank, catering for the German retail banking market. PBS has approximately 1,500 employees across nine locations in Germany. The transaction will see the employees of PBS become a part of the Mumbai-based company. In a regulatory filing, TCS said “100 per cent of the shares will be acquired by TCS Netherlands BV (a subsidiary of TCS)” and the “estimated transaction value at a symbolic 1 euro.” The transaction is subject to both parties finalising further agreements, which they intend to do by end-2020. The transaction is subject to customary regulatory and governmental approvals. The deal will add to TCS’ scale in Germany and strengthen its growth outlook, it said in a statement.