Yahoo! Germany and Deutsche Bank 24, the new online unit of the world’s largest bank, announced today that they will work together to build the e-commerce industry in Europe’s most populous country.
As part of the agreement, Yahoo! will offer online account access to Deutsche Bank 24 customers, and the two companies will roll out a co-branded credit card by the beginning of next year.
Deutsche Bank 24 customers will have free access to their accounts through Yahoo! Finance and My Yahoo!. The limited agreement is a precursor to future e-commerce agreements between the two companies, with an overall goal to “work together to explore ways in which to support the growth of e-commerce in Germany.”
“We are very pleased to be working with Deutsche Bank 24, the largest retail banking operation in Germany and one of Europe’s leading banks, to enhance the overall online experience for Yahoo! and Deutsche Bank 24 customers,” said Yahoo! Europe Managing Director, Fabiola Arrendo.
Banking on Success
Deutsche Bank 24 is supported by its parent, which became the largest bank in the world recently when it completed the $9 billion (US$) acquisition of Bankers Trust. The German banking behemoth has over 2,300 branches and booked operating profits of nearly $3 billion through the first three quarters of 1999.
The online unit was launched in September and backed by a $200 million investment from its parent company. It is aiming its services and products at the bank’s nearly seven million retail and small business customers.
The online banking and financial services market in Germany is heating up, fueled by expanded Internet use by the country’s citizens and the introduction of American online financial service companies’ localized content and products. With its deep pocket backing and big name cache, Deutsche Bank 24 is considered an early front runner.
Yahoo! offers up name recognition in its own right, and a bit of experience as well. The company is working with banks in Italy, Spain and the UK in offering many of the online services it will likely team up with Deutsche Bank on in the future.
The Santa Clara, California-based company has a global Web network that includes properties in 21 countries. It reaches some 100 million users around the globe through its media, commerce and communications services.