Foreign lender, Deutsche Bank has targetted to achieve 30% growth in its operations in India. Till now deposits and mortgage lending have been the core areas of focus for the bank. It however plans to foray into small and medium enterprises (SME) and personal banking sectors now.
The deposits of the bank currently amount to Rs 1300 crore showing a 30% y-o-y growth. Lending accounted 60% growth on y-o-y basis amounting to Rs 1200 crore, said Prashant Joshi is managing director and head (private and business clients), Deutsche Bank India.
There are presently 15 branches of the bank in rural and semi urban areas. It plans to add 2-3 branches to this list every year. The branches are located in cities like Ludhiana, Moradabad, Delhi, Gurgaon, Noida, Salem, Vellore, Kolhapur, Aurangabad and others.
These branches mostly have units which deal with clients in European nations especially Germany where the bank originally belongs to. "In a way, our German connection really helps and it makes it easy for us to create the brand building. Going forward, our focus will be mainly deposits, transaction business (remittance and investments)," said Joshi.
"As we grow our deposit base, in the next two years, we will start lending to this segment which has solid growth," he added talking about the SME segment.