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| Deutsche Bank targets 30% growth in India |
| BS Reporter / Chennai Aug 24, 2010, 00:22 IST |
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Germany-based Deutsche Bank has set a target to grow by 30 per cent in India. The bank, which mainly focuses on deposits and mortgage lending currently, said it will look at small and medium enterprises (SMEs) and personal banking in the next two years and planning to open three branches every year and focus will be on Tier-II & III cities.
Speaking to Business Standard, Prashant Joshi, managing director & head, private & business clients of Deutsche Bank India said that deposits are currently around Rs 1,300 crore and grew by around 30 per cent year on year. Lending, mainly mortgage, rose by 60 per cent to Rs 1,200 crore.
The bank has 15 semi-urban and rural branches and open 2-3 branches every year. Bank’s branches were located at the main industrial clusters like Ludhiana which is one of the largest cities in Punjab. Moradabad, Delhi, Gurgaon, Noida, Salem, Vellore, Kolhapur, Aurangabad and others. Most of these clusters have units which either have their customers or suppliers in European countries, especially Germany.
“In a way our German connection really helps and makes easy for us to create the brand building”, said Joshi.
Going forward our focus will be mainly deposits, transaction business (remittance and investments)”, said Joshi.
He added, the bank currently dont do lending for SMEs, “as we grow our deposit base, in the next two years we will start lending to this segment, which has solid growth.”
Over the next 2-3 years from now, the bank see opportunities in business banking, lending, wealth management and remittance, according to Joshi.
The product range offered by the bank include deposit products like current and savings accounts, private banking solutions, credit cards, mortgages as also investment and insurance products.
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