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D. Murali
Kumar Shankar Roy

Chennai, Aug. 11 After notching up over 70 per cent rise in profits through Indian operations last year, Deutsche Bank is opening three branches this year with Salem, Vellore and Pune being the locations.

The bank’s strategy seems to be to target upcoming or tier-II cities after having a presence in metros.

The new branches would take Deutsche Bank’s total branch count to 13 as they operate branches in Mumbai (2), New Delhi, Bangalore, Chennai, Kolkata, Gurgaon, and Noida; Aurangabad and Kolhapur branches were opened last year.

“South India is one of the fastest growing regions for us in terms of the number of customers. We would like to be a part of the growth that is expected to take place in the tier-II cities as well,” said a bank official.

She added that the bank had received the approvals and the branches are slated to open soon. She, however, did not give a time-frame.

The move would help Deutsche Bank expand one of its largest franchises in 17 markets in Asia-Pacific.

Deutsche Bank’s exposure to retail banking in India is 3 years old, though it opened its first branch in India in 1980.

The new branches will have the full suite of offerings such as banking, wealth management and other advisory services.

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