Deutsche Bank puts India retail banking business up for sale, sources say
- German bank looking to exit India retail business, sources say
- Deutsche Bank faces intense competition in Indian banking space
- Deutsche latest foreign bank to tweak India strategy
- Bank has invited bids by August 29, sources say
NEW DELHI/FRANKFURT, Sept 1 (Reuters) - Deutsche Bank DBKGn.DE is exploring the sale of its Indian retail banking assets and has invited bids from domestic and foreign lenders in the country, two sources told Reuters, making it the latest foreign bank to consider trimming its bets on India.
The Germany-based bank has pledged to make its retail business more profitable. In March, CEO Christian Sewing said headcount at its retail bank will be cut by almost 2,000 people in 2025, with a "significant" reduction in branch numbers.
In India, Deutsche wants to completely sell its retail banking business, which spans 17 branches, according to the two sources with direct knowledge of the matter, who declined to be named as the discussions are private.
A Deutsche Bank DBKGn.DE spokesperson said it does not "comment on rumours or market speculation".
The sources said Deutsche had set an August 29 deadline for non-binding bids from several banks for its retail India assets. Details of any potential bids received were not immediately clear.
The valuation the bank is seeking for its India retail business was also not immediately clear.
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