Deutsche Bank

German lender Deutsche Bank on Wednesday announced that it has infused an additional capital of Rs 5,113 crore into its India operations. This is the largest capital allocation to India in recent years and will be used for expanding across business lines, including corporate banking, investment banking and private banking, according to a Deutsche Bank's statement. The lender has been present in India for the last 45 years and the balance sheet size stood at Rs 1.45 lakh crore as of March 31, 2024, making it one of the largest foreign banks in the country. It has 17 branches in the country. The fresh infusion marks a 33 per cent jump in the capital buffer over the 2023 levels and increases the regulatory capital of Deutsche Bank AG India branches to nearly Rs 30,000 crore, the statement said, adding that the same has grown three times in the last decade. "India is well positioned to benefit substantially from many of today's most important trends reshaped supply chains, digitisation

German lender Deutsche Bank will be focussing on the digital channel over the branch model to grow its business in the country, a top official said. Changes in rules by the RBI mandating geographical location restrictions while onboarding customers will be of help, Kaushik Shaparia, chief executive of Deutsche Bank Group, India, told PTI. "If the regulator were to permit digital access over and above the geographical restrictions, I am convinced we can do more. "Currently, there are restrictions as to where you can onboard clients, where your locations are, and the customer has to have an office near one of your locations etc," he said on the sidelines of a bank event here. When asked about the branch strategy in the country, Shaparia quipped that "geography is history", and added that the bank's aim will be to focus more on digital. "Maybe in the past, having a robust branch strategy was critical but with digitisation, geography has become history. So, I think our approach would

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India is home to more than 1,580 GCCs, with a total market size of $46 billion

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Deutsche Bank said on Thursday that it would cut 3,500 jobs as part of efforts to slash costs by 2.5 billion euros (USD 2.7 billion) through next year and boost profits even as Germany's largest lender benefits from higher global interest rates. The bank said it would seek to streamline its marketing network and computer systems and software as it seeks to cut costs. It said the reduction in the number of positions would mostly be for jobs that don't involve directly dealing with customers. The announcement came alongside the release of annual profit figures showing the bank made 4.2 billion euros (USD 4.5 billion) last year, a decline of 16 per cent compared with 2022. It was, however, the fourth straight year in which the bank made a profit. The bank has benefited along with its peers from the global rise in interest rates, which can increase the profit margin between what the bank pays out in interest and what it can earn. CEO Christian Sewing said the results demonstrated ...

The earnings set the stage for what could be a more difficult 2024 for banks, with possible interest rate cuts later this year eroding the interest income that has proven a boon to banks

State-owned SJVN Ltd has secured Rs 10,000 crore construction finance facility to fund its upcoming renewable energy projects from a group of leading domestic and international lenders. The construction finance facility is a unique and first-of-its-kind transaction undertaken by a PSU entity and Public Sector Banks, a company statement said on Friday. According to the statement, SJVN has secured Rs 10,000 crore (USD 1.2 billion) construction finance facility to fund its upcoming renewable power projects from a group of leading domestic and international lenders. SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Ltd, undertook this initiative in association with SBI Capital Markets Ltd (SBI CAPS). SBI CAPS acted as the sole advisor and arranger for the transaction on behalf of SGEL. Construction finance attracted a tremendous response from lenders and was over-subscribed. After detailed discussions and deliberations, proposals from five banks -- Deutsche Bank, Sta

Fintech firm InCred has turned unicorn after raising USD 60 million in a funding round from new and existing investors. Following the fresh capital infusion, InCred has been valued at USD 1.04 billion and has become the second company to gain unicorn status this year, the company said in a statement. The Series D round was led by Ranjan Pai of MEMG, who invested USD 9 million followed by Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, who invested USD 5.4 million and USD 1.2 million, respectively. The fundraise also saw participation from several large ultra-high-net worth individuals and Family Offices, as well as institutional investors like Varanium Capital Advisors and Sattva Group, it said. "This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns. We are deeply grateful for the overwhelming support our investors have ...

The bank forecast earnings for companies in the benchmark index to rise 10% after factoring in a "mild short" recession and a 19% increase if US gross domestic product grows by 2%

"This will be viewed as a net positive for investors, but we now need to see more detail on how long the benefits will take to appear," he said

Deutsche Bank's report extends that scenario to include the Japanese government and its balance sheet

The NCLT on Monday ordered the liquidation of Overnite Express after admitting the plea of its lender Deutsche Bank AG against a resolution plan submitted by a member of the debt-ridden company's suspended board. While the Insolvency and Bankruptcy Code (IBC) bars promoters of a corporate debtor from submitting a resolution plan under the CIRP, there is relaxation for MSMEs. The resolution plan was submitted citing that the company is an MSME under the Corporate Insolvency Resolution Process. A two-member bench of the National Company Law Tribunal (NCLT) ordered the liquidation of corporate debtor Overnite Express "with immediate effect" as a time frame of more than 330 days of the Corporate Insolvency Resolution Process (CIRP) has already elapsed. It also appointed Tarun Jain as liquidator of the corporate debtor to carry on the liquidation process as per the relevant provision of the IBC 2016. A resolution plan was submitted on behalf of a member of the suspended board of Overni

Working with Indian cigarette maker for new nicotine product would be 'massive opportunity', says BAT CEO

Adani New Industries, an arm of Adani Enterprises, on Thursday raised USD 394 million (Rs 3,231 crore) from Barclays PLC and Deutsche Bank AG. The proceeds will be used to secure working capital requirements of its integrated solar module manufacturing facility, Adani Enterprises Ltd said in a regulatory statement on Thursday. "Adani New Industries Limited (ANIL) ecosystem today (Thursday) raised a trade finance facility of USD 394 million from Barclays PLC and Deutsche Bank AG," it said. ANIL, a wholly-owned subsidiary of Adani Enterprises, is building an ecosystem of one of the largest integrated green hydrogen businesses, including solar modules and wind turbine manufacturing, it said. Adani Enterprises is the flagship company of the Adani Group.

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