Financial Daily from THE HINDU group of publications
Saturday, Nov 26, 2005
Financial Daily from THE HINDU group of publications Saturday, Nov 26, 2005 |
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Money & Banking
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Credit Cards & Debit Cards Deutsche Bank plans to issue credit cards Our Bureau
Mr Frank Strauss (left), MD and CEO, Asia-Pacific, Private and Business client, Deutsche Bank, and Mr Wolfgang Gaertner, Chief Information Officer, Personal and Corporate Banking, at the inauguration of the bank's branch in Chennai on Friday. - - K. Pichumani
Chennai , Nov. 25 FOLLOWING its decision to go retail in India, Deutsche Bank intends to come out with a credit card of its own, perhaps by next June, the bank's Managing Director & Head (Private & Business Clients), India, Mr Ajay Bimbhet, told journalists here today. Meanwhile, Mr Shameek Bhargava has joined Deutsche Bank from IDBI Bank. Mr Bhargava is the third executive to leave IDBI Bank to join Deutsche Bank. First, IDBI Bank's Managing Director, Mr Gunit Chadha, quit to join Deutsche Bank as Managing Director and CEO in August 2002. He subsequently joined the German bank's Asia-Pacific Executive Committee. Mr Ajay Bimbhet was the head of IDBI Bank's retail business, before he joined the German bank. Mr Bimbhet said that India was Deutsche Bank's first foray outside Europe into retail banking and as such the bank's prime focus was customer acquisition. He responded to questions about the possibility of Deutsche Bank setting up an NBFC subsidiary or portfolio purchases, saying that the bank would look at them later. Towards this end, the bank had joined Cashnet, a shared ATM network that would give the bank's customers access to over 5,000 ATMs across the country. Besides, the bank had introduced deposit products with some unique features such as one minimum balance for all the accounts of the same family and current accounts with more freebies. Also, the bank intends to open eight branches in seven cities shortly. "All our branches will function between 9 a.m. and 10 p.m.," Mr Bimbhet said.
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