April 17, 2018 / 12:02 PM / 3 months ago

Deutsche Bank ends talks over sale of India business: sources

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has ended talks to sell its Indian retail and wealth management business to private lender IndusInd Bank Ltd (INBK.NS), two people with knowledge of the matter said on Tuesday.

FILE PHOTO: A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo

The German bank is now considering retaining the business under its new chief executive, Christian Sewing, said the people, who spoke on condition of anonymity. They noted that a final decision has not yet been made.

A Deutsche Bank spokesman declined to comment. Bloomberg first reported the news earlier on Tuesday.

Deutsche Bank has been active in India since the beginning of the 1980s. It employs more than 12,000 people in the country, though many work in IT support rather than in classical banking activities.

The German lender sold its Indian mortgage business in 2010 and its asset management business five years later.

Reporting by Andreas Framke; Writing by Tom Sims; Editing by Susan Fenton

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