Mumbai, June 30 -- Kotak Mahindra Bank has signed a definitive agreement to acquire Deutsche Bank's retail banking, affluent private banking and wealth management business in India for approximately Rs.282 crore, the private sector bank said in a press release on Tuesday.

The acquisition will add about Rs.29,000 crore in loans, Rs.16,000 crore in deposits, and Rs.10,500 crore in assets under management to Kotak Bank's balance sheet.

The deal will bring around 150,000 customers and nearly 1,000 employees of the German bank into Kotak's fold, strengthening the lender's presence in the affluent and small and medium enterprise (SME) segments. The transaction is expected to close by September 2027, subject to regulatory approvals, including ...