Dresdner opens in India
(14 April 2008 – India) Dresdner Bank will open a branch in Mumbai in the coming year after being granted a licence by the Indian Central Bank.
Dresdner, the subsidiary of Allianz Group indicated that it aims to continuously expand its private client business in India in the coming year.
The planned branch will offer customers a range of financial services including bank accounts, mortgages, deposits and consumer loans.
Herbert Walter, chairman of the Board of Managing Directors of Dresdner Bank said that India is a booming market with enormous customer potential and that is why it is essential for the bank to expand their presence in this region.
Currently, Dresdner Bank's sole presence in India is a representative office in Mumbai.
Parent company Alliance already has operations in India, with Bajaj Allianz Life and Bajaj Allianz General Insurance.
Economists at Allianz Dresdner Economic Research expect India to double its economic output in the next ten years. The number of middle-class households, Dresdner Bank's core target group in India, has doubled to more than 150 million since 1995.
This growth will continue according to India's statistical office. A further boost to demand is expected from the forthcoming liberalisation of the Indian banking market.
The planned branch will offer customers a range of financial services including bank accounts, mortgages, deposits and consumer loans.
Herbert Walter, chairman of the Board of Managing Directors of Dresdner Bank said that India is a booming market with enormous customer potential and that is why it is essential for the bank to expand their presence in this region.
Currently, Dresdner Bank's sole presence in India is a representative office in Mumbai.
Parent company Alliance already has operations in India, with Bajaj Allianz Life and Bajaj Allianz General Insurance.
Economists at Allianz Dresdner Economic Research expect India to double its economic output in the next ten years. The number of middle-class households, Dresdner Bank's core target group in India, has doubled to more than 150 million since 1995.
This growth will continue according to India's statistical office. A further boost to demand is expected from the forthcoming liberalisation of the Indian banking market.
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