Deutsche Bank is to pull out of the Indian
credit card sector and has agreed a deal to transfer its Indian
credit card unit to IndusInd Bank.

Under the agreement, IndusInd Bank will get access to almost
200,000 Deutsche Bank cardholders and the entire operating platform
of Deutsche’s cards franchise.

Since setting up shop in 1994, IndusInd Bank’s distribution
footprint has grown to 258 branches and 565 ATMs.

In the third quarter of fiscal 2011, retail lending comprised
42% of IndusInd’s loan book, down from 58% in fiscal 2008.

Sumant Kathpalia, head of consumer banking at IndusInd Bank

 “The strategic intent behind this acquisition is to offer
targeted credit card products for chosen client segments. Cards are
an important element in our segmented offering. Deutsche Bank has a
stable cards portfolio and the acquisition gives us a head start in
building the cards business.”

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Prashant Joshi, Deutsche Bank’s head of
private and business clients, India, said in a statement:

 “Our agreement with IndusInd Bank is in
line with our desire to build out our retail banking business in
India around our core strengths of deposits, wealth management and
secured lending.

“Deutsche Bank has a rapidly expanding retail
franchise in India with a high quality customer base. We are
committed to executing our successful branch build out strategy in
India where we have 15 branches currently and will increase this
further again this year.”