The headquarters of Deutsche Bank AG stand beyond illuminated office space at night in Frankfurt, Germany.(Photographer: Krisztian Bocsi/Bloomberg)

Deutsche Bank’s Shaparia to Helm India Business Replacing Gill

(Bloomberg) -- Deutsche Bank AG named Kaushik Shaparia as chief country officer of its Indian unit, one of the most profitable markets for the German lender globally.

Shaparia, who was helming Asia-Pacific corporate banking and global subsidiary coverage of the bank, will start in the new role in May, Deutsche Bank said in an internal memo obtained by Bloomberg. The lender also named Sanjay Agarwal, head of corporate finance in India, as its executive chairman of client coverage in the country in addition to his current role, the memo showed.

India has been consistently among the top five most profitable markets globally for Deutsche, according to the memo, the contents of which were confirmed by a spokesman of the bank. The investment bank and private-wealth manager gives loans to corporate borrowers as well as consumers from 17 retail bank branches in India -- the only country outside Europe where it operates branches.

Shaparia, a Deutsche veteran of last 30 years, replaces Ravneet Gill, another long timer at the lender who moved to Yes Bank Ltd. in March. Deutsche started its India operations in 1980 and now has more than 13,000 employees in businesses including retail and wholesale banking, investment-banking advisory and wealth-management services.

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