The Competition Commission of India (CCI) approved Kotak Mahindra Bank’s acquisition of Deutsche Bank AG’s Indian retail and wealth operations on Nov. 3, moving the transaction toward an expected September 2027 closing.
The June agreement covers retail banking, affluent private banking and wealth management. In their announcement, the banks put the business’s customer base at about 150,000. Its assets under management total about ₹10,500 crore, alongside loans of roughly ₹29,000 crore and deposits of ₹16,000 crore.
CRISIL Ratings estimated the purchase consideration, including non-compete consideration, at about ₹281.7 crore, subject to adjustments. Kotak will also pay for the business’s net funding position at closing. That figure is calculated as assets minus liabilities and may be adjusted under the contract. Reuters reported the purchase price at about $30 million.
CRISIL said 16 of Deutsche Bank’s 17 branches will transfer to Kotak. Deutsche Bank will keep its Fort branch in Mumbai. About 1,000 employees in India are expected to join Kotak.
Kotak said the acquisition supports its focus on affluent and small and medium enterprise customers. Deutsche Bank described the sale as part of a broader effort to streamline its operations and concentrate on areas where it has competitive advantages. Reuters also reported that Deutsche Bank was seeking to redeploy capital.
The banks expect completion by September 2027. The transfer still depends on additional regulatory clearances and customary closing requirements. Deutsche Bank says it will seek customer consent where required.
