The Hindu : Business : Deutsche Bank increases Tier-1 capital in India

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Deutsche Bank increases Tier-1 capital in India

Special Correspondent

CHENNAI: In a significant move, Deutsche Bank has increased its Tier-1 capital in India by Rs. 325 crore ($65 million) to fund its growth. Following the latest capital infusion, Deutsche Bank group’s total capital in India has gone up to over Rs. 6,000 crore, making it among the highly capitalised foreign banks in India, according to a release.

The increase is the fourth in the last three years, with two tranches totalling Rs. 2,095 crore in 2007-08 and Rs. 500 crore in 2006-07.

“This capital increase is a very clear statement of our commitment and the growth of our business in India. Times of market stress create opportunities for banks such as Deutsche Bank, who are well capitalised and strongly positioned to assist clients. We have experienced significant increases in market share in many of our businesses in India,” a release quoted Colin Grassie, CEO, Deutsche Bank, Asia-Pacific (ex-Japan), as saying.

Deustche Bank’s business in India has grown significantly in revenues with profit after tax in 2007-08 of Rs. 386 crore, an increase of 77 per cent as against Rs. 218 crore in 2006-07.

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