Mumbai-headquartered Kotak Mahindra will acquire Deutsche Bank’s retail and wealth business in India, as part of the German lender’s broader strategy of simplification.
Deutsche Bank has entered into a definitive agreement for Kotak Mahindra Bank to acquire its retail banking, affluent private banking, and wealth management business in India, according to a statement. This includes approximately INR29,000 crore (USD3.1 billion) in loans, INR16,000 crore in deposits, and INR 10,500 crore of assets under management with around 150,000 clients. A 1,000-strong team from Deutsche Bank is also expected to join the Indian financial giant.
In a separate announcement, Kotak said the transaction was valued at around USD30 million. The deal, subject to regulatory approval, is expected to close by September 2027.
Simplification and focus on UHNWIs
For Deutsche Bank, the sale is part of its broader “Global Hausbank strategy” of simplifying its business and focusing on competitive strengths, including coverage of global ultra-high net worth individuals (UHNWI). This includes non-resident Indian clients outside of India.
“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, Deutsche Bank’s CEO of 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.”
