India, Nov. 4 -- Kotak Mahindra Bank has received approval from the Competition Commission of India (CCI) to acquire Deutsche Bank's retail banking, private banking and wealth management businesses in India, clearing a key regulatory hurdle in the transfer of the German lender's customer-facing operations to the domestic bank.

The CCI said on Tuesday (November 3) that it had approved the acquisition of businesses operated by Deutsche Bank through its Indian branches.

"The proposed combination envisages acquisition of retail banking, private banking and wealth management business of Deutsche Bank Aktiengesellschaft (seller) undertaken through its branches in India (target business)," the regulator said, adding that the transaction would ...