Deutsche Bank Private Wealth Management
Deutsche Bank has proven itself a worthy recipient of this year’s Best Private Bank in India Award. An early entrant into the Indian market, Deutsche opened its first branch in India in 1980 and currently employs close to 8,000 professionals in the country, making its presence its largest onshore entity for Deutsche Bank globally. Its private wealth management business is amongst the oldest in the country and has been in existence for over 15 years.
“Growth in Indian wealth is amongst the fastest in the world so India is very important to Deutsche from an onshore as well as off-shore perspective,” says Ajay Bagga, managing director and head of Private Wealth Management (India) at Deutsche Bank.
Deutsche Bank Private Wealth Management manages 31.5 billion of assets in India which does not include any assets under advisement, thus the entire figure represents “earning-assets” for the bank. This figure is particularly pertinent as it represents “onshore assets”, an important criterion for comparison between Deutsche and some of the other contenders for the award. Deutsche’s wealth management team in India is made up of 62 dedicated wealth management professionals including 27 relationship managers and the wealth management network’s coverage extends to seven cities.
Unlike some banks who have had to significantly lower their client acceptance threshold for a nascent wealth management market such as India, Deutsche has maintained a uniform threshold for wealth management services globally and its Indian clients have a minimum of US$1 million in assets with the bank – vindication of its policy and proof of client loyalty. It has 1,000 such relationships in the country. We believe Deutsche Bank Private Wealth Management’s commitment to India, its clients and service dedication secured its position as the country’s preeminent private bank in 2011.