Deutsche Bank teams up with Google in cloud services

cloud computing
Credit: CC0 Public Domain

Deutsche Bank said Tuesday it is planning a partnership with Google where the US technology giant will provide cloud computing capabilities to Germany's largest lender, a market in which Europe is struggling to establish a foothold.

The companies have signed a letter of intent and plan to sign "a multi-year contract within the next few months", Deutsche Bank said in a statement.

The Frankfurt-based lender said it hopes to use Google's technology to improve forecasting, risk analytics and account security, and other tasks.

The tie-up came just days after German Chancellor Angela Merkel said that building up digital sovereignty would be one of three key goals for Europe's biggest economy while it holds the EU's rotating presidency.

Europe must have "world-class skills in key digital technologies" and its own reliable data infrastructure, the official programme for the EU presidency said.

The 27-member bloc has been watching in dismay at the growing digital dominance by US giants including Amazon, Google and Microsoft.

Fears also grew over questions of privacy when the US congress adopted the so-called Cloud Act, which allows American law enforcement authorities to request data stored by cloud providers even if held outside the US.

In a bid to counter US dominance in the field, France and Germany in 2019 launched the Gaia-X cloud project.

© 2020 AFP

Citation: Deutsche Bank teams up with Google in cloud services (2020, July 7) retrieved 5 February 2023 from
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Germany, France hope cloud data project to boost sovereignty


Feedback to editors