Deutsche Bank might cease retail banking operations in India
What's the story
Deutsche Bank AG is looking to sell its retail banking business in India. The move reflects Deutsche Bank's strategy to reassess its operations in the country, similar to actions taken by some other foreign banks. According to Reuters, the Germany-based bank has invited bids from domestic and international lenders for the complete sale of its Indian retail banking assets.
Business scope
It has 17 branches here
The retail banking business of Deutsche Bank in India covers 17 branches. The bank had set a deadline of August 29 for non-binding bids from various banks interested in its Indian retail assets. However, it remains unclear how many bids were received or what valuation the bank is expecting for its Indian business.
Market response
Bank working to make retail business profitable
When approached by Reuters, a Deutsche Bank spokesperson said the bank does not "comment on rumors or market speculation." The statement comes as the bank is working to make its retail business more profitable. In March, CEO Christian Sewing had announced plans to cut nearly 2,000 jobs at the bank's retail division by 2025 and significantly reduce branch numbers.