Deutsche Bank banks on organic growth in India

Deutsche Bank has taken the organic growth route in India with the opening of retail banking in the country.

Ajay Bimbhet, managing director & head, private & business clients, India, said that at present the bank has invested in setting up of branches and will focus on growing its retail portfolio with emphasis on personal banking.

"We are not looking at acquiring any stake or setting up a non banking finance for the time being. The bank may take a decision on this issue, say after a year or two," he said.

Recently, Singapore-based Development Bank of Singapore (DBS) had announced that it would pick up 37.5 per cent stake in Cholamandalam Investment and Finance.

He said that the bank will have eight retail branches and 25 ATMs by 20 December 2005. The bank will add 15 more Deutsche Bank ATMs apart from tying up with Cashnet ATMs which enable its customers to access about 5,500 ATMs as well.

"We will leverage our corporate clients networks to access and expand the retail customer base," he said.

Deutsche Bank has been present in the country for the past 25 years through its corporate banking arm with a total business of Rs 10,000 crore. With the permission from the Reserve Bank of India, the bank has converted its five corporate branches to retail branches and has obtained licence to open three more branches.

The three additional branches will come up in Noida, Bandra and Gurgaon apart from converting its corporate branches into retail branches in Chennai, Bangalore, Kolkata, Mumbai and Delhi.