Commerzbank deepens partnership with Microsoft amid revamp

·1 min read
FILE PHOTO: Microsoft logo on an office building in New York

FRANKFURT (Reuters) - Commerzbank said on Wednesday that it would widen its partnership with Microsoft by putting a significant portion of its applications in the cloud over the next five years.

The two companies have been working together since 2018, and Commerzbank has been trying to increasingly digitize its business in recent years.

The announcement comes as Germany's No. 2 lender works on a strategic plan under a new chief executive officer, with details expected in the coming weeks.

The bank, still partially owned by the government after a bailout, has recently announced write-offs and an increase in risk provisions for credit losses tied to the coronavirus pandemic.

"Cloud computing is a key technology for the digital transformation of Commerzbank," the bank said.

(Reporting by Tom Sims; editing by Thomas Seythal and Thomas Escritt)