Kotak Mahindra Bank has reached a definitive agreement to acquire Deutsche Bank’s retail banking, private banking and wealth management business in India, in a deal expected to strengthen Kotak’s affluent and retail franchise. The acquired business includes loans of nearly Rs 29,000 crore and deposits of about Rs 16,000 crore, along with assets under management of around Rs 10,500 crore, based on figures cited in the reports. It also comes with a customer base of roughly 1.5 lakh clients and around 1,000 employees transferring to Kotak, according to the accounts describing the scope of the transaction.
Sources also state that the purchase price is not consistently detailed, but one report describes an approximately Rs 4,500 crore valuation, while others refer to around Rs 282 crore. The deal is structured on a slump sale basis in at least one report. Completion is expected by September 2027, subject to regulatory approvals and fulfilment (or waiver) of customary conditions. These include clearances such as Competition Commission of India approval, and additional approvals related to depository transfers. Deutsche Bank’s India retail business has been scaled down as part of its broader global restructuring.
