Growth in mind, Deutsche Bank pumps Rs 455 cr into India arm
German leader Deutsche Bank has increased the capital base in its franchise in India by Rs 455 crore to fund growth plans.india Updated: Mar 18, 2012 20:35 IST
German leader Deutsche Bank has increased the capital base in its franchise in India by Rs 455 crore to fund growth plans.
“This Rs 455 crore capital infusion will take Deutsche Bank AG’s capital base in its operations here to over Rs 5,500 crore, reflecting the bank’s strong focus on this market,” Deutsche Bank India chief executive Gunit Chadha said in statement, adding that this increase is the fifth since 2007.
The infusion pertains only to bank branches and excludes all other Deutsche Bank entities such as equity broking, investment banking, primary dealership, asset-management and shared services. It comes after reports that the Frankfurt-based lender may nominate India-born Anshu Jain, who now heads the investment banking, as its next chief executive.
On the capital infusion, Chadha said it was “continuing testimony of our commitment to this market and the consistent business growth momentum it has generated here” and “also underscores India’s significance in DB’s global plans”.
Its profit after tax of India operations was Rs 630 crore in FY11, a 38% compounded average growth rate over five years.