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Andhra Pradesh
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Visakhapatnam
Managing Director of Deutsche Postbank Home Finance Achim Vogt and Zonal Business Head (South) Pavan K. Gupta at a press conference in Visakhapatnam on Saturday. VISAKHAPATNAM: Worldwide economic slowdown did not affect India much because of the country’s own strengths, said Managing Director of Deutsche Postbank Home Finance Limited Achim Vogt here on Saturday. “Huge domestic market due to which less dependence on exports, strong banking system and quick reaction by the Reserve Bank of India and the Finance Minister to control the situation are the three reasons for India not getting affected much”, Mr. Vogt said while talking to reporters during his visit to the city branch. Recession affect was being seen only in the repayment capacity of customers from IT, aviation and real estate sectors, he revealed. Market is picking up during the last six months and confidence is being regained during the last six months, he said while observing the business in his sector. Demand for the ventures promoted by the builders had picked up and one big venture in Delhi and another in Mumbai were sold out within a day and this indicated the upward trend, Mr. Vogt said. Deutsche Postbank Housing Finance Limited, a 100 per cent subsidiary of Deutsche Postbank AG of Germany is the biggest retail bank in Germany with its headquarters in Bonn. It has its branches in Belgium, Italy and Luxumberg and offices in New York and London. It has 25 branches and 10 sales offices in India. Last year it has done a business of over Rs. 1,300 crores in India and set itself a target of Rs. 1,900 crores for this fiscal. The Visakhapatnam branch which is 14 months old recorded a turnover of Rs. 25 crores.
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