News: Deutsche Bank India to focus on retail biz

(BL 29/07/2006) Mumbai - Deutsche Bank India plans to launch consumer finance business in the next six to eight months, said Gunit Chadha, MD and CEO, Deutsche Bank (DB) India.

He said that consumer finance would be a standalone business within the bank and would include auto and housing mortgages.The bank, which entered the retail business around six months ago, currently has around 30,000 customer accounts. Chadha also said that the bank had applied for a licence to set up an NBFC 12 months ago and was awaiting approval from regulatory authorities.

Colin Grassie, CEO, Asia-Pacific, DB, said that India along with China were considered priority markets for the future in terms of expansion. "Asia is a significant contributor to DB's global financial business. The importance of India can be assessed by the fact that retail operations were launched for the first time outside Europe in India," said Grassie. Taking their retail initiative forward, the bank recently launched a suite of credit cards - the Classic, Gold, Platinum and Corporate Credit Cards.