(19 October 2005 – India) Deutsche Bank has kicked off its foray into India’s retail banking market with the opening of operations in Mumbai.The bank will open seven more branches in India over the next couple of months.
Deutsche head of Retail, Rainer Neske, said the number of affluent Indian consumers was increasing.
“The market for consumer goods is expanding and private customers’ demand for excellent advisory services and high quality banking products continues to rise,” he said.
The bank plans to offer current and savings accounts as well as investment products and loans. It will also offer investment and wealth management advisory services for affluent Indian customers.
The move is part of Deutsche’s plans to expand in developing markets. The bank took a 9.9 percent stake in Huaxia Bank in China this month and is also eyeing a stake in Romanian bank BCR.