Avaloq, a leader in digital and core banking software and solutions for banks and wealth managers, has announced that Deutsche Bank Luxembourg has adopted its Avaloq Banking Suite.

Over 150 customers and wealth managers manage 4 trillion US dollars in assets with Avaloq, helping everyone from the ultra-high net worth investor to the average saver.

Adopting the Avaloq Banking Suite allowed Deutsche Bank Luxembourg to migrate to a new, single cash ledger for its various businesses, enabling it to deliver the full range of services to clients while reducing complexity, risks, costs, and paving the way for future growth.

Deutsche Bank Luxembourg and key affiliate entities of the Deutsche Bank Group in Luxembourg decided to operate from one cash ledger for all of its businesses offering consistency and efficiency gains. Relevant banking divisions and entities active in the Grand Duchy migrated from its legacy core banking system in one move to the Avaloq IT platform.

Deutsche Bank Luxembourg serves, among others, as Deutsche Bank Group’s syndicated and bilateral lending hub for clients of the Corporate & Investment Bank and as the EU service hub for the group’s international Wealth Management business. It is one of the largest foreign banks in Luxembourg and classed as a systemically important institution in the Grand Duchy. As such it is directly supervised by the European Central Bank.

Luxembourg and Switzerland are the international competence and service centres in Europe for Deutsche Bank’s cross-border Wealth Management activities.

Jürg Hunziker, Avaloq’s Group CEO, said: “We are delighted about the going live of Deutsche Bank Luxembourg, and we are excited by the new opportunities that the institution will be able to capitalize on in the competitive wealth management sector.”

Frank Krings, CEO of Deutsche Bank Luxembourg S.A., said: “The Avaloq Banking Suite provides the client and user experience as well as the agility, efficiency and technological edge that Deutsche Bank has been looking for in order to take the bank to the next level of client service while enhancing our ability to innovate.”