Deutsche Bank India Pvt. Ltd. reportedly plans to exit India’s credit card market.
The bank has received nearly 11 bids for its Indian card business, including from ICICI Bank Ltd., Karnataka Bank Ltd., Dhanlaxmi Bank Ltd., Yes Bank Ltd., and Standard Chartered Bank India Pvt. Ltd, local media reported Dec. 20.
The Germany-based bank declined a PaymentsSource request for comment, as did most of the other banks. However, an official from Dhanlaxmi Bank confirms the bank’s interest in Deutsche Bank’s card business.
“It is a well-regulated cardholder base and a fit with our expansion plans,” he says, requesting anonymity. “The asking price is, however, too high.” The companies have not made the asking price public.
Deutsche Bank has 150,000 credit cardholders in India and outstandings totaling nearly 2.5 billion rupees (US$55 million or 42 million euros). The bank issues both Visa- and MasterCard-branded cards.
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