Deutsche Bank announced yesterday that it plans to launch a comprehensive retail banking presence in India, which would concentrate on the m...

Deutsche Bank announced yesterday that it plans to launch a comprehensive retail banking presence in India, which would concentrate on the mass affluent and private banking clients. The Frankfurt-based bank will open retail banking operations in eight branches in the cities of Mumbai, Delhi, Kolkata, Chennai, Bangalore, Gurgaon and Noida, over the coming weeks. The bank said in a statement: “Deutsche Bank will commence its Indian retail operations with more than 400 trained staff. Launching with a comprehensive product and service offering - from current and savings accounts to investment products and loans – Deutsche Bank will also introduce a wide-ranging advisory service to meet the investment and financial planning needs of demanding customers.” The announcement follows a hive of activity by foreign banks to establish a foothold in the Indian onshore and offshore wealth management markets. Most of the major global banks have established a joint venture, or other similar initiative in India during the last few years.