Kotak Mahindra Bank has entered into a definitive agreement to acquire Deutsche Bank's retail banking, affluent private banking and wealth management business in India.
The acquisition includes a loan book of approximately ₹29,000 crore, deposits worth around ₹16,000 crore and assets under management (AUM) of ₹10,500 crore. The business serves nearly 150,000 customers, with around 1,000 Deutsche Bank employees in India expected to join Kotak as part of the transaction.
The move aligns with Kotak's strategy of strengthening its presence in the affluent and SME segments through targeted inorganic growth.
Commenting on the acquisition, Ashok Vaswani, Managing Director and CEO, Kotak Mahindra Bank, said, “This transaction aligns well with our focus on the affluent and SME segments. It is a strong strategic fit and makes sound commercial sense. It also brings a high-quality customer franchise and experienced teams and adds incremental scale and adjacency opportunities. We look forward to warmly welcoming these customers and colleagues to the Kotak family and our priority will be on disciplined integration and ensuring continuity, while building further depth and capability in this business.”
Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia, said, “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. India’s growing integration into the global economy reinforces its position as a core market for Deutsche Bank. As the leading European bank in the country, we are closely aligned with India’s economic priorities, underpinned by our strong Corporate Bank and Investment Bank and the continued growth of our businesses, including DWS. We believe Kotak Mahindra Bank provides a strong domestic platform to ensure long-term continuity for our onshore private banking and wealth clients, while creating meaningful growth opportunities for our employees.”
The transaction is expected to close by September 2027, subject to regulatory approvals, including clearance from the Competition Commission of India, and other customary conditions.
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