CNBC-TV18 had first reported that Kotak Mahindra Bank had emerged as the frontrunner to acquire Deutsche Bank’s retail banking business in India.
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.
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“…we wish to inform that Kotak Mahindra Bank Limited (“Kotak Bank”) has executed a business transfer agreement with Deutsche Bank Aktiengesellschaft (acting through its branch in India) (“DBAG”) (“BTA”) on June 30, 2026 for the acquisition of DBAG’s retail banking, private banking and wealth management business in India (“Business Undertaking”) as a going concern on a slump sale basis, subject to requisite approvals and the fulfilment of conditions specified in the BTA,” according to a stock exchange filing.
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.
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The acquisition is subject to approvals from the Competition Commission of India (CCI), National 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 Mahindra 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.
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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.
Deutsche Bank had previously held talks with IndusInd Bank to sell its India retail book in 2018, but the deal did not fructify. The lender’s India retail book sale is in-line with its global restructuring strategy to focus on profitable corporate and investment banking.
Shares of Kotak Mahindra Bank Ltd ended at ₹392.95, down by ₹2.80, or 0.71%, on the BSE.
(Edited by : Jomy Jos Pullokaran)
First Published: Jun 30, 2026 5:29 PM IST
