'Indusind Bank to buy Deutsche Bank's India credit card biz' | india | Hindustan Times
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'Indusind Bank to buy Deutsche Bank's India credit card biz'

The German lender had narrowed in on Axis Bank and IndusInd Bank from the initial 11 bidders and its credit cards business has 150,000 active cards and outstanding of 2-2.5 billion rupees, the report said citing unidentified sources.

india Updated: Mar 22, 2011 09:59 IST

Indusind Bank is set to acquire Deutsche Bank's India-specific credit card business, the Financial Express reported on Tuesday.

The German lender had narrowed in on Axis Bank and IndusInd Bank from the initial 11 bidders and its credit cards business has 150,000 active cards and outstanding of 2-2.5 billion rupees, the report said citing unidentified sources.

"IndusInd is close to striking the deal with Deutsche Bank and could offer a small premium to the amount outstanding on the current credit card base, which is in the range of 225-250 crore (2.25-2.5 billion rupees)," the report quoted a source as saying.

"The deal is in its last leg and IndusInd seems to have an edge over Axis Bank as it would be able to absorb the 217 people employed in the credit card division of Deutsche Bank. It would be a lift and drop deal with IndusInd as it is in the process of launching its credit card business," the report quoted another banker as saying.

The deal is expected to conclude over the next quarter, the report said.

Officials at Indusind Bank as well as Deutsche Bank could not be immediately reached for a comment.