Kotak Mahindra Bank signs ₹282 crore deal to acquire Deutsche Bank India retail, wealth biz

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Private lender Kotak Mahindra Bank Ltd on Tuesday (June 30) said it has signed a business transfer agreement worth about ₹281.7 crore in cash to acquire Deutsche Bank AG’s retail banking, private banking and wealth management business in India on a slump sale basis.

The transaction covers Deutsche Bank’s India consumer banking business, comprising retail banking, private banking and wealth management operations, and is subject to regulatory approvals and other conditions specified in the agreement.

As of March 31, 2026, the business undertaking includes approximately ₹29,000 crore in advances outstanding and ₹16,000 crore in deposits.

Kotak Bank will pay a total purchase consideration of approximately ₹281.7 crore in cash, subject to adjustments in accordance with the terms of the agreement. Separately, Kotak will also pay the net funding position of assets less liabilities at closing.

The acquisition is subject to approvals from the Competition Commission of India (CCI), Securities Depository Limited (NSDL), Central Depository Services (India) Limited (CDSL), and other regulatory clearances. The transaction is expected to be completed by September 2027, subject to conditions precedent.

Kotak AMC and Kotak Alternate Asset Managers Limited, both subsidiaries of Kotak Bank, have also signed non-binding term sheets with Deutsche Investments India Private Limited for referral of PMS and investment advisory clients, subject to definitive agreements.

The business serves around 150,000 customers and includes approximately 1,000 employees, who are expected to transition to Kotak upon completion.

Kotak said the acquisition aligns with its strategy to expand its affluent and SME banking franchise, while Deutsche Bank said the move is part of its global portfolio simplification strategy.

Shares of Kotak Mahindra Bank Ltd ended at ₹392.95, down by ₹2.80, or 0.71%, on the BSE.