Kotak Mahindra Bank has signed a definitive agreement to acquire Deutsche Bank’s retail banking, affluent private banking and wealth management business in India, marking one of the significant consolidation moves in the country’s banking sector. The transaction, announced on Tuesday, is aimed at strengthening Kotak’s presence in the affluent and small and medium enterprise (SME) segments while expanding its customer base and wealth management footprint.
The business being acquired includes loans worth around Rs 29,000 crore, deposits of approximately Rs 16,000 crore and assets under management valued at Rs 10,500 crore. It serves nearly 1.5 lakh customers through a workforce of about 1,000 employees. Kotak Mahindra Bank Managing Director and CEO Ashok Vaswani said the acquisition is strategically aligned with the bank’s focus on affluent customers and SMEs, adding that the integration would prioritise service continuity while enhancing scale and capabilities. Deutsche Bank Group India and Emerging Asia CEO KaushikShaparia said the move supports the bank’s Global Hausbank strategy by sharpening its business focus while ensuring long-term continuity for clients and employees through a strong domestic banking partner.
The transaction is expected to close by September 2027, subject to regulatory approvals, including clearance from the Competition Commission of India, and other customary conditions. Around 1,000 Deutsche Bank employees are expected to transition to Kotak as part of the deal. In Kolkata, the acquisition is expected to reinforce competition in eastern India’s growing affluent banking and wealth management segment. Kolkata, a major financial and commercial hub in eastern India, has witnessed rising demand for investment advisory, private banking and SME financing. Industry observers believe Kotak’s expanded customer base and product offerings could strengthen its presence in the city while providing Deutsche Bank’s existing clients with access to a broader domestic banking network after the transition.
