IndusInd snaps up Deutsche Bank India's credit card biz

Mumbai, Apr 11: The Hinduja Group-promoted IndusInd Bank today (Apr 11) said it has agreed to acquire Deutsche Bank's loss-making credit card business in the country.

IndusInd Bank managing director and chief executive Romesh Sobti said, "We are happy to have come to an agreement with Deutsche Bank on acquiring this business. This will accelerate the launch of credit cards which we consider a critical link in our suite of consumer banking products."

Both the banks did not disclose the financial details of the deal.

Under the agreement, IndusInd will get access to close to 2,00,000 card customers of the German bank and the entire operating platform of the cards franchise, including talent and technology.

Commenting on the deal, Deutsche Bank Asia Pacific head for credit cards Shameek Bhargava said, "We have built a quality premium credit card business in India. IndusInd's widespread footprint makes them an ideal choice to take this business forward. We are committed to working with IndusInd to ensure a smooth transition for clients and other stakeholders."

IndusInd consumer banking head Sumant Kathpalia said, "The strategic intent behind this acquisition is to offer targeted credit card products for chosen client segments. Cards are an important element in our segmented offering. Deutsche Bank has a stable cards portfolio and the acquisition gives us a head start in building the cards business."

The deal marks the entry of IndusInd into the credit card area which it hopes will significantly enhance its bouquet of offerings and thereby expand its wide range of customer-centric products.

PTI