IndusInd acquires Deutsche Bank's card business in India
11 Apr 2011
Private lender IndusInd Bank will acquire the credit card business of Deutsche Bank in India. The German bank today announced that it has entered into an agreement to transfer its local credit card business to IndusInd Bank.
The deal, involving over 15,000 credit cards and a total loan portfolio of about Rs200 crore, will mark IndusInd Bank's entry into the credit card business. The deal is expected to be completed in the next couple of weeks, reports quoting IndusInd sources said.
IndusInd Bank, which had already announced plans to enter the credit card business, last year, roped in Anil Ramachandran from Deutsche Bank to set up the credit card business.
The acquisition will also make IndusInd Bank a full service bank and the private lender said it is planning to expand into a full range of customer-centric products.
"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," Romesh Sobti, managing director and CEO of IndusInd Bank, said.
Deutsche Bank said it would focus on its core areas of secured lending and wealth management in India. The agreement with IndusInd Bank is in line with this, Prashant Joshi, head, private and business clients, India, said.