 "No plan to pare Asia operations: Deutsche Bank")
German lender Deutsche Bank has said it will not reduce its focus on Asia or any individual market such as China.
Over the past 30 years, the largest German lender has built a strong network in Asia that would take competitors 10 years to replicate, co-Chief Executive Juergen Fitschen said.
“In 2015 our Asia revenues exceeded euro 4 billion, up 14 per cent over 2014, with all businesses growing at double digits. Cost efficiencies initiated three years ago have also befitted results,” he said.
He said the decision to leave Asia intact comes after a strategic review.
The statement comes amid reports that the bank, facing many a regulatory glare, may reduce operations across the globe, including Asia.
He said the German group will not reduce its focus on India, where it is one of the largest foreign lenders and is doing good business.
Last financial year, it logged in a profit of Rs 1,406 crore in 2014-15, which was a 93 per cent jump over 2013-14.
The loan book increased 25 per cent to Rs 36,138 crore and non-performing assets continued to be low at 0.13 per cent as of March 2015 compared with 0.09 per cent as of March 2014. Net revenue rose 45 per cent to Rs 3,925 crore.
Deutsche Bank has been operating here since 1980 with a strong presence in corporate banking and securities, equity broking, transaction banking, retail banking, asset management, private wealth management and global business services. The foreign bank employs over 11,000 people at its various operational centres across the country.
Over the past 30 years, the largest German lender has built a strong network in Asia that would take competitors 10 years to replicate, co-Chief Executive Juergen Fitschen said.
“In 2015 our Asia revenues exceeded euro 4 billion, up 14 per cent over 2014, with all businesses growing at double digits. Cost efficiencies initiated three years ago have also befitted results,” he said.
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“Other than selling HuaXia Bank in China, the bank will not reduce its focus on Asia or any individual market such as China,” Fitschen said at his annual press meet on Thursday.
He said the decision to leave Asia intact comes after a strategic review.
The statement comes amid reports that the bank, facing many a regulatory glare, may reduce operations across the globe, including Asia.
He said the German group will not reduce its focus on India, where it is one of the largest foreign lenders and is doing good business.
Last financial year, it logged in a profit of Rs 1,406 crore in 2014-15, which was a 93 per cent jump over 2013-14.
The loan book increased 25 per cent to Rs 36,138 crore and non-performing assets continued to be low at 0.13 per cent as of March 2015 compared with 0.09 per cent as of March 2014. Net revenue rose 45 per cent to Rs 3,925 crore.
Deutsche Bank has been operating here since 1980 with a strong presence in corporate banking and securities, equity broking, transaction banking, retail banking, asset management, private wealth management and global business services. The foreign bank employs over 11,000 people at its various operational centres across the country.