FRANKFURT (dpa-AFX) - Deutsche Bank AG (DB) called off talks to sell its retail and private wealth businesses in India to IndusInd Bank Ltd, Bloomberg reported citing people familiar with the matter.
The sale was a project initiated under former Chief Executive Officer John Cryan, and Deutsche Bank is reconsidering the deal following his departure earlier this month, the report said. The two businesses have about 300 billion rupees or $4.6 billion in assets.
The bank's new Chief Executive Officer, Christian Sewing, and retail head Frank Strauss decided that Deutsche Bank didn't get a price that justified selling the profitable unit, the report said. The lender has instead decided to keep the assets and is now considering increasing its investment in India, the report said.
Copyright RTT News/dpa-AFX