Deutsche Bank Invests Rs 5,113 Crore To Expand India Operations
Date
11/7/2024 1:15:17 AM
(MENAFN- IANS) New Delhi, Nov 7 (IANS) German lender Deutsche bank has announced the infusion of an additional Rs 5,113 crore to bolster its India operations.
This is the largest capital allocation to India in recent years and will be used for expanding business across corporate banking, investment banking and private banking, according to a Deutsche Bank's statement.
The bank, which has been operating in India for 45 years, reported a balance sheet size of Rs 1.45 lakh crore as of March 31, 2024.
The recent capital infusion represents a 33% increase over 2023 levels, raising Deutsche Bank AG India branches' regulatory capital to nearly Rs 30,000 crore. Over the past decade, this capital has tripled. The bank's strategic focus is on leveraging India's favourable position amid global trends like supply chain shifts and digitisation. "Consequently, we see enormous potential," said Alexander von zur Muehlen, CEO for Asia Pacific and other regions.
India is considered a vital growth market by Deutsche Bank. The bank is committed to supporting India's growth in digital transformation, sustainable finance, technology, and infrastructure development. Kaushik Shaparia, the country CEO, described the capital infusion as a strong endorsement of confidence in India's business model and potential.
The capital injection is designated solely for Deutsche Bank's branches in India and does not include other entities operating within the country. Previously, the bank infused Rs 2,700 crore in 2020 and Rs 3,800 crore in 2019 into its Indian operations. These investments reflect Deutsche Bank's ongoing commitment to strengthening its foothold in India, according to the company statement.
Deutsche Bank had made a net profit of Rs 1,977 crore in 2023-24 which represented a 35 per cent jump over the corresponding figure of the 20223-24. The bank operates through 17 branches in India and is one of the largest foreign banks in the country. Its continued investment underscores its commitment to expanding its services and supporting India's economic growth trajectory, the company statement added.
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