Deutsche Bank infuses Rs 2,155 cr

Deutsche Bank has infused Rs 2,155 crore into its Indian operations. The infusion of Rs 1,470 crore will be utilised for expanding the bank's branch network, while Rs 685 crore will be slotted for its newly formed non-banking finance company (NBFC).

The current infusion will take the Deutsche Bank group's total capital in India to over Rs 5,700 crore, making it among the highest capitalised foreign banks in the country. This infusion follows a fresh capital inflow of Rs 1,125 crore between December 2006 and April 2007.

The bank has 10 branches and has approvals to set up three more in Pune, Vellore and Salem. "The capital infusion will enable the bank to fund its corporate banking activities, infrastructure financing and consumer finance business. We are confident that the Corporate India growth will continue in 2008 as well,'' said Deutsche Bank Chief Executive Officer Gunit Chadha.

Currently, the bank has five lakh retail customers and offers platinum credit cards and personal loans. The bank was a financial adviser to the Tata-Corus deal and the Havells' acquisition of SLI Sylvania. It has also acted as a lead arranger for Indian banks to raise funds overseas.

"The NBFC will complement the bank's retail and corporate banking business. The business plan for the NBFC is under discussion. At present, it is operating through a single branch,'' said Chadha.