The deal will enable the IndusInd bank to access nearly 2,00,000 Deutsche Bank’s card customers and the operating platform of the cards business.
Deutsche Bank Asia Pacific head of credit cards Shameek Bhargava said that Indus Bank’s widespread footprint across India makes them an ideal partner to take the business forward.
IndusInd Bank managing director and chief executive Romesh Sobti said that the acquisition will accelerate the launch of credit cards which the bank consider a critical link in the suite of consumer banking products.
Deutsche Bank India private & business clients head Prashant Joshi said that the agreement with IndusInd Bank is in line with the bank’s desire to build out the retail banking business in India around its core strengths of deposits, wealth management, and secured lending.
"Deutsche Bank has a rapidly expanding retail franchise in India with a high quality customer base. We are committed to executing our successful branch build out strategy in India where we have 15 branches currently and will increase this further again this year," Joshi said.
Both the banks did not disclose the financial details of the transaction.
