Dedicated NRI model
Deutsche Bank
Sold its India onshore bank to Kotak to run NRI wealth purely offshore through its Global South Asia desks.
Dedicated NRI team
Yes
Strategy tenure
15+ years — a named NRI growth plan since at least March 2010 (60 NRI-focused staff, $10bn asset target)
India onshore arc
Exited onshore
Hubs
Singapore, Dubai, Hong Kong, London, Switzerland, India onshore
Deutsche Bank's Private Bank serves the corridor through a long-running 'Global South Asia' (GSA) franchise — 80+ client-facing bankers by 2019, roughly a quarter based in India, described by the bank as one of the market leaders in serving non-resident Indian clients — with market heads installed in Singapore and Dubai in 2024 under a combined Global South Asia & Africa lead. The June 2026 sale of its India retail, affluent private banking and wealth business to Kotak makes the model explicitly offshore: the announcement retains the Private Bank's 'continued focus on global ultra-high net worth clients (including non-resident Indians) outside of India'. The offshore build is being re-fuelled by a group plan for up to 250 wealth-banker hires (€300m over three years) and up to 50 emerging-markets relationship managers in 2026.
Why it matters
Deutsche is the cleanest expression of the corridor's repeating pattern: exit India onshore, double down on the NRI client offshore. The Kotak deal language does the positioning work itself — retail, affluent and onshore wealth go to Kotak while the Private Bank names 'non-resident Indians outside of India' as a continued focus. With GSA market heads refreshed in Singapore (Puneesh Nayar, from Julius Baer) and Dubai (Nick Malik, returning from Credit Suisse) and a €300m/250-banker group wealth push behind them, DB is betting its India franchise on the diaspora, not the domicile.
By the numbers
80+ bankers, ~25% India
Global South Asia client-facing bankers (2019 baseline)
Deutsche Bank news release · Nov 2019 · self-reported
250 bankers / €300m
Group wealth hiring plan across Germany, Italy, UK, Middle East and Asia
Private Banker International · Nov 2025
₹29,000 cr loans / ₹16,000 cr deposits / ₹10,500 cr AUM
India business perimeter transferred to Kotak (~150,000 customers, ~1,000 employees)
Deutsche Bank news release · Jun 2026 · self-reported
$10bn NRI target (2010)
Historic NRI ambition: double NRI-managed assets to $10bn in three years, from 60 NRI-focused staff
WealthBriefing · Mar 2010 · self-reported
The journey
Sells India retail, affluent PB and wealth to Kotak — keeps NRI UHNW offshore
Kotak Mahindra Bank agreed to acquire DB's India retail banking, affluent private banking and wealth management business (~₹29,000 cr loans, ₹16,000 cr deposits, ₹10,500 cr AUM, ~150,000 customers, ~1,000 employees; ~₹281.7 cr / ~$29.8m all-cash price per press reporting), closing by September 2027. The release ties the sale to the Global Hausbank strategy and the Private Bank's 'continued focus on global ultra-high net worth clients (including non-resident Indians) outside of India'.
Up to 50 emerging-markets relationship managers to be added in 2026
DB said it intends to add up to 50 relationship managers during 2026 within its Private Bank's emerging markets unit, part of a 50% increase in front-office headcount over the next three years, with hiring continuing through 2027 and 2028.
€300m, 250-banker wealth expansion plan — while India retail divestment begins
Deutsche Bank announced intentions to hire up to 250 bankers for wealth management across Germany, Italy, the UK, the Middle East and Asia, allocating ~€300m ($348m) to talent and technology over three years, most appointments in 2026. The same report noted DB had initiated the divestment of its India retail banking operations, comprising 17 bank branches.
Puneesh Nayar joins from Julius Baer as Singapore market head for Global South Asia
Puneesh Nayar, managing director, joined as market head in Singapore effective 12 August 2024 — most recently a senior team head for Global India at Julius Baer since 2016. Both Nayar and Malik report to Rajesh Mahadevan, head of Global South Asia & Africa, in the private bank's emerging markets business.
Nick Malik rejoins from Credit Suisse as market head, Dubai
Nick Malik rejoined Deutsche Bank's private bank as market head based in Dubai, returning in March 2024 from Credit Suisse, as part of the Global South Asia & Africa coverage under Rajesh Mahadevan.
Builds out Global South Asia team — 80+ bankers, group head hired from Julius Baer
DB Wealth Management's Global South Asia business — more than 80 client-facing bankers, a quarter based in India, led by Amrit Singh (Head of Wealth Management GSA) — was described as one of the market leaders serving NRI clients. Achal Aroura joined as group head, based in Dubai, previously group head Middle East and Africa for the NRI business at Julius Baer.
Plans to double NRI assets to $10bn in three years
Salman Mahdi, global private wealth management head for South Asia, said Deutsche planned to double the assets it manages for NRIs to $10 billion in three years. The bank then employed 60 NRI-focused staff and wanted to boost this by at least 50%, recruiting mainly in Singapore and Hong Kong with additional positions in London, Geneva and Dubai.
Connections
Featured in: Sell India onshore, double down on the NRI offshore — a pattern repeated four times
7 sources · all linked
Deutsche Bank news release · Private Banker International · Deutsche Bank news release · WealthBriefing · Press Insider · Zacks via Yahoo Finance · WealthBriefing