Deutsche Bank puts India retail banking business up for sale

Deutsche Bank is exploring the sale of its Indian retail banking assets and has invited bids from domestic and foreign lenders in the country, two sources told Reuters, making it the latest foreign bank to consider trimming its bets on India.

The Germany-based bank has pledged to make its retail business more profitable. In March, CEO Christian Sewing said headcount at its retail bank will be cut by almost 2,000 people in 2025, with a “significant” reduction in branch numbers.

In India, Deutsche wants to completely sell its retail banking business, which spans 17 branches, according to the two sources with direct knowledge of the matter, who declined to be named as the discussions are private.

A Deutsche Bank spokesperson said it does not “comment on rumours or market speculation”.

The sources said Deutsche had set an August 29 deadline for non-binding bids from several banks for its India retail assets. Details of any potential bids received were not immediately clear.

The valuation the bank is seeking for its India retail business was also not immediately clear.

Deutsche’s retail banking revenue in India in the financial year to March 2025 stood at $278.3 million, its disclosures show.

Despite a rising number of wealthy individuals in India, one of the world’s fastest-growing economies, foreign banks have struggled to boost revenues due to stiff competition from local players and regulatory limitations.

In 2022, Citi decided to sell its credit card and retail businesses in a more than $1 billion deal amid dwindling market share and as part of a global strategy to overhaul the bank.

Last year, Standard Chartered sold its India personal loan book of $488 million to Indian lender Kotak Mahindra Bank .

Deutsche Bank has been active in India since the beginning of the 1980s, offering services including treasury, derivatives operations, private wealth management, and corporate and retail banking.

According to its annual report, the bank generated $1 billion in net revenue from India in 2024, roughly on par with Singapore but trailing countries like Germany, the U.S. and Britain. It does not give a breakdown of its retail business.

Employee growth in India, including back office and technology operations, has been on the rise in recent years. Overall India is Deutsche Bank’s largest operation outside Germany, employing more than 22,000 staff at the end of last year, according to its latest annual report.

Deutsche tried to sell its Indian retail and wealth management business in 2017, but the plan was later shelved.