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Business

Deutsche Bank To Open Branches in India

Deutsche Bank, Germany's biggest bank, is to enter the Indian market and plans to open branches in five Indian cities this year, the head of the bank's private customer business said in a newspaper interview published Thursday. "We're going to open eight branches in five different cities this year," Deutsche Bank's board member for private and corporate customers, Rainer Neske, told the Financial Times Deutschland. The Indian authorities had not given the go-ahead to Deutsche Bank to open more branches yet, but Neske said he was confident the bank would win further licenses in the next few years. Deutsche Bank had recruited 400 distribution personnel so far and hoped to offer the full range of banking services -- from current and savings accounts to credit cards and investment products -- from the very beginning. The bank was looking to push its retail business in foreign markets in order to reduce its dependence on the slow-growing German market, Neske said.

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