- Kotak Mahindra Bank will acquire Deutsche Bank's India retail and wealth businesses for Rs 281.7 crore
- Deutsche Bank exits India's retail banking, focusing on corporate and investment banking segments
- The acquired business has Rs 29,000 crore advances and Rs 16,000 crore deposits as of March 31, 2026
Kotak Mahindra Bank Ltd. has agreed to acquire Deutsche Bank AG's retail banking, private banking and wealth management businesses in India for approximately Rs 281.7 crore in an all-cash transaction, marking Deutsche Bank's exit from the country's retail banking segment, according to an exchange filing on Tuesday.
The transaction will be executed through a business transfer agreement on a slump sale basis and is subject to regulatory approvals and customary closing conditions.
The acquired business had advances of around Rs 29,000 crore and deposits of about Rs 16,000 crore as of March 31, 2026. It also manages approximately Rs 10,500 crore in assets under management, serves nearly 1.5 lakh customers, and has a workforce of around 1,000 employees.
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Kotak said the acquisition is aligned with its strategy to build a larger affluent and SME banking franchise by adding a high-quality customer base and experienced teams. The bank expects the transaction to create scale and strengthen its offerings across affluent, private banking and wealth management segments.
"This transaction aligns well with our focus on the affluent and SME segments. It is a strong strategic fit and makes sound commercial sense," Ashok Vaswani, Managing Director and CEO of Kotak Mahindra Bank, said. "It also brings a high-quality customer franchise and experienced teams and adds incremental scale and adjacency opportunities."
For Deutsche Bank, the divestment is part of its global strategy to sharpen its portfolio and focus on businesses where it has greater scale and competitive strength.
"This transaction marks an important step in sharpening Deutsche Bank's portfolio and focusing on areas where we have scale, strength, and the ability to deliver sustained returns," Kaushik Shaparia, CEO of Deutsche Bank Group India and Emerging Asia, said.
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He added that India remains a core market for the bank, which will continue to focus on its corporate and investment banking businesses in the country.
The deal requires approvals from the Competition Commission of India, NSDL, CDSL, and other regulators, with completion expected by September 2027. Kotak said the purchase consideration excludes the net funding position of the business, which will be settled separately at closing, subject to contractual adjustments.
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