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Former Deutsche Co-CEO Enters Indian Non-Bank Finance Field - Report

Tom Burroughes

11 May 2016

A former co-chief executive at , Anshu Jain, is partnering with former colleague Bhupinder Singh to launch a non-bank finance company in India, tapping into a market where millions of people are not covered by banks, according to the Economic Times (of India).

The venture will lend to individuals, small- and medium-sized enterprises and entrepreneurs, and could be modelled on San Francisco-based fintech startup SoFi, to which Jain is an advisor, the publication reported, citing unnamed sources. The business may be financially supported by SoftBank, it said.

Jain left the German lender in June last year at a time when the Frankfurt-listed bank was going through a period of management upheaval as well as battling to recover from falling profits and the impact of legal costs linked to affairs such as alleged rigging of financial market benchmarks. In February, the German regulator concluded audits at the bank, which in effect cleared Jain of wrongdoing.