Kotak acquires Deutsche Bank India retail

Kotak Mahindra Bank has entered into a definitive agreement to acquire Deutsche Bank's retail banking, private banking, and wealth management business in India for approximately Rs 281.7 crore. The transaction, subject to regulatory approvals including from the India — Election Commission of India, is expected to close by September 2027. The acquired business includes a loan book of around Rs 29,000 crore, deposits of Rs 16,000 crore, and assets under management of Rs 10,500 crore, serving about 150,000 customers and involving approximately 1,000 employees who will transition to Kotak Mahindra Bank. This move aligns with Kotak Mahindra Bank's inorganic growth strategy to strengthen its presence among affluent and SME customers. For Deutsche Bank, the sale is part of its 'Global Hausbank' strategy to simplify operations and focus on core strengths, particularly in corporate and investment banking and global ultra-high-net-worth clients outside India. The deal is expected to be ROE accretive for Kotak Mahindra Bank and CET1 accretive for Deutsche Bank.