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

Kotak Mahindra Bank Ltd. (“KMBL” / “Kotak”) and Deutsche Bank AG (XETRA: DBKGn.DB / NYSE: DB), acting through its India branch, today announced that they have entered into a definitive agreement for Kotak to acquire Deutsche Bank’s retail banking, affluent private banking and wealth management business in India.

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

Commenting on the acquisition, Ashok Vaswani, Managing Director and CEO, Kotak Mahindra Bank, said, “This transaction aligns well with our focus on the affluent and SME segments. 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.”

Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia, 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. 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.”

The acquisition reflects Kotak’s inorganic growth strategy of pursuing targeted opportunities that strengthen its core franchise. Kotak’s established presence in these segments, alongside a relationship-led approach and its broader suite of banking and investment solutions position it well to provide Deutsche Bank’s customers with a seamless and integrated experience post transition. For Deutsche Bank, this step aligns with the group's Global Hausbank strategy of simplifying the business and focusing on competitive strengths, including Private Bank’s continued focus on global ultra-high net worth clients (including non-resident Indians) outside of India.

Both banks 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 ROE¹ accretive for Kotak bank and CET1² accretive for Deutsche Bank.

¹ Return on equity
² Common Equity Tier 1