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Kotak Mahindra Bank has signed an agreement to acquire Deutsche Bank AG’s retail banking, private banking and wealth management businesses in India for approximately Rs 281.7 crore, marking a significant expansion of its consumer banking and wealth management franchise.
In a regulatory filing on Tuesday, Kotak Mahindra Bank said it has executed a Business Transfer Agreement (BTA) with Deutsche Bank Aktiengesellschaft, acting through its India branch, to acquire the business undertaking on a slump sale basis as a going concern.
The transaction does not involve the acquisition of a separate legal entity. Instead, Kotak will take over Deutsche Bank India’s retail banking, private banking and wealth management operations, including customer relationships and assets and liabilities associated with the business.
As of March 31, 2026, the business being acquired had a loan book of approximately Rs 29,000 crore, deposits of around Rs 16,000 crore, and assets under management (AUM) worth nearly Rs 10,500 crore.
The acquisition also brings with it a customer base of nearly 150,000 clients, strengthening Kotak Mahindra Bank’s presence in India’s affluent banking and wealth management segments.
The bank said the acquisition is aimed at accelerating growth in its retail banking and wealth management businesses while expanding its customer franchise.
The transaction remains subject to customary regulatory approvals and the fulfilment of conditions precedent outlined in the agreement. Kotak Mahindra Bank expects the deal to be completed by September 30, 2027.
The acquisition comes at a time when Indian private sector banks are increasingly looking to strengthen their retail banking and wealth management offerings amid rising demand for financial advisory, investment products and premium banking services.
For Deutsche Bank, the transaction is part of its ongoing strategy to optimise its global business portfolio while continuing to focus on its core institutional and corporate banking operations in India.
