Deutsche Bank today announced that it has entered into an agreement to transfer its credit card business in India to IndusInd Bank.
Prashant Joshi, Head, Private & Business Clients, India, said, “Our agreement with IndusInd Bank is in line with our desire to build out our retail banking business in India around our core strengths of deposits, wealth management, and secured lending. Deutsche Bank has a rapidly expanding retail franchise in India with a high quality customer base. We are committed to executing our successful branch build out strategy in India where we have 15 branches currently and will increase this further again this year.”
“Deutsche Bank has built a quality premium credit card business in India. It is a business that has excellent further potential, particularly benefiting from the ability to achieve scale. Indus Bank’s widespread footprint across India makes them an ideal partner to take the business forward. We are committed to working with Induslnd Bank to ensure a smooth transition for clients and other stakeholders,” said Shameek Bhargava, Head of Credit Cards Asia Pacific.
For further information, please call:
Deutsche Bank AG
Phone: +91 9820037765
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 74 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
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