By DPA
Frankfurt : Germany’s Dresdner Bank announced plans Thursday to open its first branch in Mumbai next year after being granted a licence by the Reserve Bank of India.
“India is a booming market with enormous customer potential. That’s why it is essential for us to expand our presence in this region,” said board chairman Herbert Walter.
The bank, a subsidiary of insurance giant Allianz, currently has a representative office in Mumbai, its sole presence in India.
The bank said the opening of the branch was the first step in a plan to expand the bank’s private client business in India.
Experts see enormous potential in India’s financial services market.
Economists at Allianz Dresdner Economic Research expect India to double its economic output in the next decade.
The number of middleclass households – Dresdner Bank’s core target group in India – has doubled to more than 150 million since 1995. This growth will continue according to India’s statistical office.
A further boost to demand is expected from the forthcoming liberalisation of the Indian banking market.