Kotak Mahindra Bank has agreed to acquire Deutsche Bank's retail banking, affluent private banking, and wealth management operations in India in a deal valued at over 2.82 billion rupees, or 29.79 million dollars. The businesses include about 2.7 billion euros in loans, 1.5 billion euros in deposits, and 1 billion euros of assets under management, serving close to 150,000 customers and supported by around 1,000 employees who are expected to move to Kotak. The transaction is part of Kotak's inorganic expansion strategy and is expected to be ROE accretive for Kotak and CET1 accretive for Deutsche Bank upon completion, anticipated by September 2027 pending regulatory clearances. For Deutsche Bank, the sale aligns with its Global Hausbank strategy to focus on areas of scale and strength, including its Private Bank's emphasis on global ultra-high net worth clients outside India.
Deutsche Bank AktiengesellschaftDeutsche Bank sells retail and wealth businesses in India, improving capital position and focusing on core strategy.