Kotak Mahindra Bank and Federal Bank have expressed interest in the businesses, which have a book value of approximately €2.5 billion, Bloomberg reported on Monday. Deutsche Bank declined to comment on the information. Last year, insiders stated that Deutsche Bank was collecting offers for its activities in India. The bank currently operates 17 branches in the country.
Deutsche Bank has been active in India for over 40 years. Despite a rising number of wealthy individuals in the country, foreign banks continue to struggle to attract new clients due to fierce competition from local institutions and regulatory hurdles. Some foreign institutions have already sold their businesses in India.
(Report by Matthias Inverardi, edited by Sabine Wollrab. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).
