(Bloomberg) -- Deutsche Bank AG is in early talks to sell its retail operations in India, according to two people briefed on the matter, part of a previously announced plan to raise money through asset sales.
The discussions, with Mumbai-based IndusInd Bank Ltd, are not exclusive and a decision isn’t imminent, said the people, asking not to be identified because the talks are private. A sale of the operations isn’t certain, according to one of the people.
Officials for Deutsche Bank and IndusInd Bank declined to comment on the talks, which were reported earlier Tuesday by Indian news service Cogencis.
Deutsche Bank Chief Executive Officer John Cryan is selling assets as part of a strategy announced last year to focus more on the bank’s retail and commercial operations in Germany. The lender recently sold its retail business in Poland and tried to sell operations in Spain before abandoning that plan because it couldn’t get the price it wanted, people familiar with the matter previously said. Bloomberg reported last year that the bank is looking to sell parts of its Indian operations as well.
Deutsche Bank had about 11,600 employees in India in 2016 and recorded revenue of 660 million euros ($807 million) there, according to its latest annual report.
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