Financial Daily from THE HINDU group of publications
Wednesday, Oct 19, 2005
Financial Daily from THE HINDU group of publications Wednesday, Oct 19, 2005 |
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Foreign Banks Money & Banking - Foreign Banks Deutsche Bank re-enters retail Our Bureau
Mr Rainer Neske, Member of Group Executive Committee, Deutsche Bank, and Mr Gunit Chadha, Managing Director & CEO, Deutsche Bank Group India, at a press conference in Mumbai on Tuesday. -- Paul Noronha
Mumbai , Oct. 18 DEUTSCHE Bank announced on Tuesday that it is starting retail banking operations in India with eight branches in seven cities all over the country. In fact, for the German multinational bank, it is a re-entry in this sector in India as the bank had closed down its single branch retail service here five years ago. The first branch in Mumbai opened today with limited services. The other branches will be located in Delhi, Kolkata, Chennai, Bangalore, Gurgaon and Noida. With this, India is the first Asian country that Deutsche Bank is having retail operations. The bank will target the affluent and mass affluent segment under its private banking operations. Addressing a press conference, Mr Ajay Bimbhet, Managing Director in- charge of retail banking, Deutsche Bank India, said, "We will enter all retail products except auto loans. Services like doorstep delivery will be available to certain categories of customers." The bank is looking to cater to anyone with income of above Rs 5 lakh per annum, he said. The retail focus will be on advisory services. The product suite will include savings, fixed and current accounts, demat accounts, personal and home loans and overdraft against salaries and securities. The bank will also offer mutual funds and insurance products. As the bank has tied up with the ATM service provider, Euronet, customers will have free access to 6,000 ATMs. Speaking to press persons at the launch of the retail operations, Mr Rainer Neske, Member of Group Executive Committee, Deutsche Bank, said, "India is one of the most exiting growth market today. We want to expand our presence as much as the regulator will allow."
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