Kotak Mahindra Bank To Acquire Deutsche Bank’s India Retail, Wealth Business

Kotak Mahindra Bank will acquire Deutsche Bank’s retail banking, affluent private banking and wealth management business in India in a deal that adds around ₹29,000 crore in loans, ₹16,000 crore in deposits and ₹10,500 crore in assets under management (AUM).

The business serves nearly 1,50,000 customers and employs around 1,000 people. The transaction is expected to close by September 2027, subject to regulatory approvals.

The deal is expected to strengthen Kotak Mahindra Bank's presence in the affluent and small and medium-sized enterprise (SME) segments, which the lender has identified as key growth areas.

As part of the transaction, about 1,000 Deutsche Bank India employees are likely to move to Kotak, while both banks said customers will continue to receive uninterrupted services during the transition.

Kotak Mahindra Bank shares were trading 1.27% higher at ₹397.25, at 11:51 AM today.

Why Is Kotak Buying Deutsche Bank’s India Retail Business?

Kotak Mahindra Bank said the acquisition fits its strategy of pursuing targeted growth opportunities that complement its existing franchise. The lender believes the deal will bring a high-quality customer base, experienced teams and opportunities to expand its banking and investment offerings.

Managing Director and CEO Ashok Vaswani said the acquisition is a strong strategic fit that makes commercial sense and will help the bank build additional scale in key customer segments.

The transition will include customer relationships, employees and associated products. Both banks said they would work together to ensure a smooth migration process during and after the completion of the transaction.

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Deutsche Bank To Focus On Core Strengths

For Deutsche Bank, the sale is part of its broader strategy to simplify operations and focus on businesses where it has greater scale and stronger returns. The bank will continue to serve global ultra-high-net-worth clients, including non-resident Indians, through its international private banking network.

Deutsche Bank Group India and Emerging Asia CEO Kaushik Shaparia said the transaction will help sharpen the bank’s portfolio while allowing it to focus on areas where it has long-term competitive strengths.

The deal remains subject to approvals from regulators, including the Competition Commission of India, along with other customary conditions.