Deutsche Bank plans 'aggressive growth' in India

Mumbai, July 18 (UNI) German lender Deutsche bank is targetting nearly 90 pecent growth in deposits and advances in India and will open its tenth branch at Kolhapur next week, Deutsche bank MD Gunit Chadha said today.

In reply to a question about the recent exit of four senior officials from bank's retail department, Mr Chadha said this, however, will not have any adverse impact on the bank's 'aggressive growth' in India. 0 ''This will not affect our aggressive growth. We are pleased with the current level of performance here''.

Four senior officials , including retail head Ajay Bimbhet and head of private banking (sales) Ashish Dikshit, had recently found their way out of the bank.

''Ajay had resigned to join Royal Sundram Alliance Insurance as its CEO, which will benifit him in the career path. This is not connected with any other matters'', said a highly placed official of the bank on conditions of anonymity.

The bank has currently operations in New Delhi, Mumbai, Kolkata, Chennai, Banglore, Gurgaon, Noida and Aurangabad.

Deutsche Bank had posted a 30 percent groth in net profits for the first quarter of this fiscal riding high on its debt and equity trading business.

Bank's net interest income rose to 2.79 billion US dollars while trading profit touched 5.36 billion US dollars.

The bank has over 5,000 employees in India and has gained significant market share in segments including on-shore investment banking, institutional equities, broking, asset and private wealth management.

UNI