Deutsche Bank AG has reinforced the success of its banking operations in India with an equally large investment in future growth.
Europe’s largest lender and Germany’s leading global investment bank has invested US$89 million to strengthen its Indian branches that have grown at a compound annual growth rate of 38% over the last five years.
The additional capital will be used to service and finance the bank’s corporate, institutional and retail clients, said Gunit Chadha, chief executive of Deutsche Bank’s Indian unit.
Corporate and investment banking account for over 80% of Deutsche Bank’s business in India.
Deutsche Bank recently received approval from the Reserve Bank of India, the central bank, to open two branches in Ahmedabad and Surat, which will give it 17 branches nationwide. Despite this, it remains the smallest of the big foreign banks operating in India.
Deutsche Bank said the capital base refers only to the Indian branches and excludes all other Deutsche Bank entities operating in India such as equity broking and investment banking, primary dealership, asset management and shared services.
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