Kotak Mahindra Bank to acquire Deutsche Bank’s retail banking, private banking and wealth management business in India

and Deutsche Bank AG have entered into a definitive agreement under which Kotak will acquire Deutsche Bank’s retail banking, and wealth management business in India, the two lenders announced.

The business being acquired comprises approximately Rs 29,000 crore (Euro 2.7 billion) in loans, Rs 16,000 crore (Euro 1.5 billion) in deposits, and Rs 10,500 crore (Euro 1.0 billion) of assets under management, serving around 150,000 customers through a team of approximately 1,000 employees.

“This transaction aligns well with our focus on the affluent and SME segments,” said Ashok Vaswani, Managing Director and CEO, Kotak Mahindra Bank. “It is a strong strategic fit and makes sound commercial sense. It also brings a high-quality customer franchise and experienced teams and adds incremental scale and adjacency opportunities. We look forward to warmly welcoming these customers and colleagues to the Kotak family, and our priority will be on disciplined integration and ensuring continuity, while building further depth and capability in this business.”

Kotak said the acquisition reflects its broader inorganic growth strategy of pursuing targeted opportunities that strengthen its core franchise. The bank’s established presence in the affluent and wealth management segments, combined with a relationship-led approach and a broader suite of banking and investment solutions, positions it to offer Deutsche Bank’s customers a seamless and integrated experience through the transition, it said.

For Deutsche Bank, the divestment aligns with the group’s Global Hausbank strategy of simplifying its business and concentrating on areas of competitive strength — with the Private Bank continuing to focus on , including non-resident Indians, outside of India, the foreign lender said.

“This transaction marks an important step in sharpening Deutsche Bank’s portfolio and focusing on areas where we have scale, strength, and the ability to deliver sustained returns,” said Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia. “India’s growing integration into the global economy reinforces its position as a core market for Deutsche Bank. As the leading European bank in the country, we are closely aligned with India’s economic priorities, underpinned by our strong Corporate Bank and Investment Bank and the continued growth of our businesses, including DWS. We believe Kotak Mahindra Bank provides a strong domestic platform to ensure long-term continuity for our onshore private banking and wealth clients, while creating meaningful growth opportunities for our employees.”

Both the bank said that they will work closely to ensure continuity of service for customers throughout the transition and post-closing. Approximately 1,000 Deutsche Bank employees in India are expected to join Kotak as part of this transaction, underscoring the importance both banks place on continuity for customers and long-term opportunities for employees.

Closing, including onboarding of customer relationships, employees and associated products, is expected by September 2027, subject to applicable regulatory approvals (including from the Competition Commission of India) and other customary conditions precedent.

At closing, the transaction is expected to be ROE accretive for Kotak bank and CET1 accretive for Deutsche Bank.