Prime Highlights
- Kotak becomes the largest acquirer of a foreign bank’s retail arm in India this year.
- The deal ranks among India’s biggest retail banking transitions, covering nearly 150,000 customers.
Key Facts
- Deutsche Bank’s India retail loans stand at nearly INR 29,000 crore.
- Around 1,000 Deutsche Bank employees join Kotak in the deal.
Background
Kotak Mahindra Bank Limited will take over Deutsche Bank AG’s retail banking, affluent private banking and wealth management business in India, under a definitive agreement signed by both.
The deal covers a portfolio serving nearly 150,000 customers and brings close to 1,000 Deutsche Bank employees into the Kotak fold.
The business being transferred holds loans worth almost INR 29,000 crore, deposits of INR 16,000 crore and assets under management of INR 10,500 crore.
Kotak Mahindra Bank said the deal builds on its push into the affluent and small and medium enterprise space, while giving its wealth business added scale.
Ashok Vaswani, Managing Director and Chief Executive Officer of Kotak Mahindra Bank, said the transaction fits the bank’s strategy and brings a strong customer base along with experienced teams. He added that the bank would prioritise smooth integration and continuity for incoming customers and staff.
Kaushik Shaparia, Chief Executive Officer of Deutsche Bank Group India and Emerging Asia, said the move sharpens the German lender’s focus on businesses where it holds greater scale and stronger long-term returns.
He noted that Deutsche Bank would continue to serve global ultra-high-net-worth clients, including non-resident Indians, through operations based outside India.
Both banks said they would work together to maintain uninterrupted service for customers throughout the transition. The transaction, which includes the transfer of customer relationships, employees and related products, is expected to close by September 2027, pending regulatory clearances including approval from the Competition Commission of India.