New Delhi, June 30 -- Kotak Mahindra Bank has inked an agreement with Deutsche Bank Aktiengesellschaft to acquire the latter's retail banking, private banking and wealth management business in India.
Kotak will acquire the business undertaking for Rs 281.7 crore ($29.7 million), the Indian lender said Tuesday.
The proposed transaction is expected to be completed by September 2027 and is subject to regulatory approvals from the Competition Commission of India (CCI), National Securities Depository Ltd (NSDL), and Central Depository Services Ltd (CDSL), according to an exchange filing.
The acquisition reflects Kotak's inorganic growth strategy of pursuing targeted opportunities that strengthen its core franchise. Around 1,000 Deutsche Bank employees in India are expected to join Kotak as part of the transaction.
"This transaction aligns well with our focus on the affluent and SME segments," Ashok Vaswani, managing director and CEO of Kotak Mahindra Bank, said in a statement. "It is a strong strategic fit and makes sound commercial sense. It also brings a high-quality customer franchise and experienced teams, and adds incremental scale and adjacency opportunities."
Deutsche Bank is Germany's leading bank, with a strong presence in Europe and a significant footprint across the Americas and Asia-Pacific. The bank offers a broad range of financial services across corporate and investment banking, transaction banking, and asset and wealth management, serving corporates, governments, institutional investors and private clients.
Deutsche Bank AG's India operations reported gross revenue of Rs 12,415 crore in the financial year ended March 2025, up from Rs 11,234 crore a year ago, the statement said.
The bank serves around 150,000 customers and offers products such as personal loans, credit cards, home loans and auto loans. The business undertaking's advances outstanding were at around Rs 29,000 crore as of March 31, 2026, while deposits were at Rs 16,000 crore.
Separately, Kotak Mahindra Asset Management Company (Kotak AMC) and Kotak Alternate Asset Managers (Kotak Alts) have entered into non-binding term sheets with Deutsche Investments India for the referral of clients for portfolio management services and investment advisory services, respectively.
Essentially, Kotak Alts will manage Deutsche's alternate assets products.
This remains subject to definitive agreements, to be entered into in this regard, by Deutsche Investments India with Kotak AMC and Kotak Alts, respectively.
Published by HT Digital Content Services with permission from VC Circle.