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Mumbai, Oct. 18: Deutsche Bank today took the retail plunge in Asia by announcing it had chosen India as the launch pad.

The services, to be initially offered in eight branches, will be targeted at the affluent and well-heeled sections of society.

Deutsche Bank?s retail foray in the country has been talked about for more than a year now. However, its entry now has been driven by the projected robust economic growth, the amount of affluent, mass affluent people rising significantly and a rapid growth in consumer loans.

India is now being seen as an ?inspiring market opportunity? for the bank, given that the country constitutes a sixth of the world?s population and salaries are also on a high.

Starting with Mumbai today, Deutsche Bank will launch retail banking operations in eight branches in Mumbai (two branches), Delhi, Calcutta, Chennai, Bangalore, Gurgaon and Noida over the coming weeks.

The Indian retail foray will be based on the bank?s consumer banking model in Europe and will comprise a full suite of banking products and services, including current and saving accounts, investment products and loans. In keeping with its adviser-oriented model, Deutsche Bank will also introduce a holistic advisory service to meet the investment and financial planning needs of customers.

However, unlike many other banks who are focussed on the mass market, Deutsche Bank has decided to concentrate only on the affluent and mass affluent sections with its premium range of services. For instance, in the mass affluent segment, the minimum saving account balance will range between Rs 10,000 and Rs 75,000 with the bank offering premium services as the minimum balance increases.

On the other hand, the affluent segment has been defined by the bank where the assets under management (including various products and services) is at least Rs 20 lakh.

Rainer Neske, member of the group executive committee of Deutsche Bank, said: ?The number of affluent Indian consumers is increasing, the market for consumer goods is expanding and private customers? demand for excellent advisory services and high-quality banking products continue to rise. This is an exciting market that Deutsche Bank seeks to serve.?

Although there are concerns that the bank is a late entrant in a crowded retail banking space, Gunit Chadha, managing director and chief executive officer of Deutsche Bank, India, is not worried. He said the country is a secular growth story and given the strong potential, the market cannot be called crowded.

?We are coming in with optimism, experience and incredible commitment of the Deutsche Bank brand,? he added.