Deutsche Bank said its retail banking franchise in India, the only one such franchise outside Europe, is getting more investment even as the bank had announced sweeping cost cuts and restructuring elsewhere. The Indian operation received a 470 million euro ($520 million) capital injection this year, and it is set to hire about 140 people and boost its retail banking and wealth management operations. Amit Bhatia, the bank’s India head of private and commercial clients, said the India franchise is given the mandate to expand, as this is a growth market, and everyone has high expectations from this country. He added that plans are on for aggressive growth, and the India unit been assured that capital is not going to be a concern. While at the global level, the bank cut 18,000 jobs and introduced massive cost reduction measures, in India it has received approval to add 120 people in retail banking plus 19 relationship managers for its local wealth business. The bank now plans to increase loan sizes to corporate clients, launch a discretionary portfolio management service and bolster digital banking channels.
