Commerzbank partnership with Microsoft deepens

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In a bid to put a large portion of its applications in the cloud over the next five years,Commerzbank said on Wednesday that it would widen its partnership with Microsoft.

The two companies have been partners 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.

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