"India is a booming market with enormous customer potential. That’s why it is essential for us to expand our presence in this region", says Herbert Walter, Chairman of the Board of Managing Directors of Dresdner Bank, commenting on the grant of the licence. Currently, Dresdner Bank’s sole presence in India is a representative office in Mumbai.
Dresdner Bank obtains banking licence in India
Expand private client business
The opening of the branch in Mumbai is only the first step for Dresdner Bank. In the coming years, the Bank aims to continuously expand its private client business in India. The planned branch will offer customers a comprehensive range of financial services – from bank accounts to mortgages, and from deposits to consumer loans.
Dresdner Bank’s parent company, Allianz, is already represented by insurance companies in India: Bajaj Allianz Life and Bajaj Allianz General Insurance have been among the fastest-growing Allianz companies since 2001. All in all, Allianz has approximately 300,000 representatives in India. "India is already a success story for Allianz. And I am delighted that we will soon be able to serve this key market together with Dresdner Bank," says Werner Zedelius, the member of Allianz SE’s Board of Management responsible for growth markets.
Herbert Walter: "India is a booming market"
Enormous potential
Experts see enormous potential in India’s financial services market. For example, the economists at Allianz Dresdner Economic Research expect India to double its economic output in the next ten years. The number of middle-class 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.
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