New Delhi, July 1 -- Kotak Mahindra Bank will acquire Deutsche Bank AG's retail banking, private banking and wealth management business in India for a total purchase price of about Rs 281.7 crore, the bank said in an exchange filing.

Kotak Mahindra Bank Ltd. on Tuesday executed a business transfer agreement with Deutsche Bank Aktiengesellschaft, acting through its India branch, to acquire DBAG's retail banking, private banking and wealth management business in India as a going concern on a slump sale basis, the bank informed stock exchanges.

The acquisition does not involve buying a separate entity. "No separate entity is being acquired," Kotak Bank said in the filing, adding that the deal covers Deutsche Bank's "Business Undertaking" i...