Germany-based banking giant Deutsche Bank has announced that it has acquired Berlin-based payment service provider Better Payment for an undisclosed amount. The deal is expected to help Deutsche Bank expand its market share in the fast-growing online payment processing market.
According to media reports, Deutsche Bank will integrate Better Payment’s technical solutions into its existing product range over the next 12 months.
Kilian Thalhammer, head of merchant solutions at Deutsche Bank told the media, “Better Payment gives us broader market access in payment processing. Thanks to the know-how of their employees, their existing dealer relationships and technical solutions, we can accelerate our growth in the German market, which is key to us.”
“We will develop additional synergies by integrating the respective products from Deutsche Bank and Better Payments.”
Earlier this year, it was reported that Deutsche Bank’s plan to close its branches in Germany could see around 400 to 450 people lose their jobs in the country. The bank planned to eliminate around 20 percent of its workforce in a four-year restructuring plan, which was announced in 2019. The bank also announced last year that it plans to close 100 out of its 500 Deutsche Bank-branded branches.
In this regard, a Deutsche Bank spokesperson said that the bank was discussing with the labor representatives how to develop the private client’s business in Germany, how to adapt the branch network and how to reduce jobs.