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.
–IANS
sps/na
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
