Germany-based Deutsche Bank has set a 30 per cent growth target for its India business. The bank, which has mainly focused on deposits and mortgage lending so far, said it would look at small and medium enterprises (SMEs) and personal banking sectors in the next two years.
Prashant Joshi is managing director and head (private and business clients), Deutsche Bank India, said that the deposits were currently around ' 1,300 crore and had grown by around 30 per cent year-on-year. Lending, mainly mortgage, rose by 60 per cent to ' 1,200 crore.
The bank has 15 branches in semi-urban and rural areas and will open 2-3 branches every year. The bank’s branches were located at industrial clusters like Ludhiana, Moradabad, Delhi, Gurgaon, Noida, Salem, Vellore, Kolhapur, Aurangabad and others.
Most of these clusters have units which have their customers or suppliers in European countries, especially Germany. “In a way, our German connection really helps and it makes it easy for us to create the brand building. Going forward, our focus will be mainly deposits, transaction business (remittance and investments),” said Joshi.
He said that the bank currently did not lend to SMEs, but added, “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, the bank sees opportunities in business banking, lending, wealth management and remittance, according to Joshi. The product range offered by the bank includes deposit products like current and savings accounts, private banking solutions, credit cards, mortgages and investment and insurance products.