Deutsche Bank starts Deutsche Network Services in Bangalore

By Our Banking Bureau | 14 Jul 2003

Bangalore: Deutsche Bank has announced the inauguration of Deutsche Network Services Pvt Ltd (dNETS) in Bangalore, marking the bank''s first step into business process outsourcing (BPO) in India. A wholly-owned subsidiary of Deutsche Bank, dNETS will initially commence a pilot processing centre in Bangalore for global cash operations and electronic payment processing.

dNETS will process payment transactions for Deutsche Bank entities around the world including those located in New York, Frankfurt, London and several Asian countries. Initially, electronic payments processing will be undertaken in US dollars and euro and will eventually broaden to include other currencies.

Operating from over 16,000 square feet of space and with state-of-the-art technology and IT support, dNETS is located in the International Tech Park in Whitefield in Bangalore and will commence with approximately 50 employees. It is anticipated that staffing levels will grow to several times initial levels by the end of 2004.

Says Deutsche Bank chief information officer (global transaction bank IT / operations) Wolfgang Gaertner: "Deutsche Bank continually reviews all options including hubbing and outsourcing to obtain maximum leverage for our IT and processing expenditure. This allows us price our products competitively and to meet the highest levels of client expectation in service delivery. India has proven its ability to provide high-quality, cost-effective, IT-processing solutions, within a conducive business environment and with an impressive pool of well-trained and high-calibre professionals."

Adds Deutsche Bank head of cash operations (Asia Pacific) Roopa Sethuram: "dNETS will give Deutsche Bank additional capability to provide optimal financial solutions to our clients. From the very start, dNETS has been designed around the six sigma framework in order to deliver a clear focus on providing the highest service standards, as well as to achieve best in class cost performance. The entire dNETS project was made a reality in less than 90 days, making it one of the fastest BPO project executions of its kind in India."

Says Deutsche Bank global head of bulk payments and EDI operations Graeme Hosking: "dNETS illustrates the bank''s ability to combine its global strengths in effective processing solutions, with local Indian expertise. As the first example of a wholly-owned offshore operation for Deutsche Bank in Asia, it clearly shows our continued commitment to expand our operations in India. The quality of this development makes me confident that dNETS will add considerable benefit to our global network."

With roughly $802 billion in assets and approximately 70,900 employees, Deutsche Bank offers its 13-million clients unparalleled financial services in 76 countries throughout the world. The bank aspires to be a leading global provider of integrated financial solutions for demanding clients and the pre-eminent bank in Germany generating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.

In Asia Pacific, Deutsche Bank has over 30 offices in 15 countries with more than 5,900 staff. In India, the bank employees around 480 people and operates branches in Bangalore, Chennai, Kolkata, New Delhi and Mumbai with representations in all the major business areas.