(Reuters) -Germany-based Deutsche Bank AG said on Wednesday that it had infused 51.13 billion rupees ($607.50 million) into its Indian operations to fund growth plans.
These funds, along with retained earnings and other statutory components, increase the capital at Deutsche Bank AG India branches to nearly 300 billion rupees, a 33% increase over 2023 levels, Deutsche Bank said.
The Indian economy is estimated to grow at 7.2% in the financial year ending March 2025, the fastest among major markets. The strong growth has attracted foreign lenders to expand operations in the country.
Deutsche Bank, which offers corporate, investment and private banking, said the capital will be used to support further expansion of operations across businesses in India.
“We see enormous potential for our deeply integrated, well diversified business in India,” said Alexander von zur Muehlen, CEO of Deutsche Bank EMEA and Germany.
The lender said the capital increase applies only to its India branches, Deutsche added. ($1 = 84.1650 Indian rupees)
(Reporting by Ira Dugal, writing by Ashna Teresa Britto; Editing by Savio D’Souza)
