Deal includes €2.7bn in loans, €1.5bn deposits, and €1bn assets under management from 150,000 customers.
Kotak Mahindra Bank will acquire Deutsche Bank’s retail banking, private banking, and wealth management operations in India for $29.79m. The transaction covers €2.7bn in loans, €1.5bn in deposits, and €1bn in assets under management, serving approximately 150,000 customers with 1,000 employees.
The acquisition aligns with Kotak’s strategy to expand through selective inorganic growth, reinforcing its core banking operations. For Deutsche Bank, the sale supports its Global Hausbank strategy, focusing on ultra-high-net-worth clients and corporate banking in India.
Deutsche Bank will retain its corporate and investment banking divisions in India, emphasizing its role as a leading European bank in the region.