| The retail broking space is set to get livelier in the coming weeks, with three international banking majors Deutsche Bank, Standard Chartered Bank and UBS planning to enter the high-potential sector. |
| Citigroup, which had already announced its intention to enter the retail broking business, was likely to firm up its plans soon through a strategic partnership with a local brokerage house, sources said. |
| "India is an under-serviced market and there is a great potential in the retail broking business. With an increase in GDP, income levels and higher disposable money in the hands of the middle class, there is a huge market to tap. We are planning to enter the retail broking space," said a top official of Deutsche Bank. |
| "We have big plans for private banking and retail broking is also high on our agenda," an official at Standard Chartered Bank said. |
| UBS, which gained a foothold in the domestic mutual funds business by acquiring StanChart's local mutual funds business for Rs 540 crore last week, was already into institutional broking as a foreign institutional investor. |
| The Zurich-based banking major, which was on a hiring spree for its investment banking business in the country, would be considering retail broking in a serious way, said an industry source. |
| "Retail broking is part of banking services and everyone wants to offer a whole gamut of services to clients, as the cost of selling to existing clients is less," said an official at a leading brokerage house. |
| "For any private bank, it is presupposed to have a good customer database and at least a good number of branches. These foreign banks have been around in India for a long time. They have a good customer base," added Ashvin Parekh, partner and national leader, global financial services, Ernst & Young, India. |
| Deutsche Bank also has fast growing asset management and private wealth management businesses in the country, with over ¤1.5 billion of assets under management. |
| India calling |
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