ARTICLE AD BOX
Mumbai: German banking major Deutsche Bank will be selling its Indian retail operations to Kotak Mahindra Bank as the company looks to focus on its core competencies, under the Bank’s ‘Hausbank’ strategy. Under the deal, Kotak Mahindra Bank will acquire Deutsche Bank’s 1,000 employees, 1.5 lakh customers and will add about Rs.29,000 in loans, Rs.16,000 crore in deposits and Rs.10,500 crore in Assets Under Management (AUM).
“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.” Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia, said in a press release.
“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,” Ashok Vaswani, Managing Director and CEO, Kotak Mahindra Bank, added.
The transaction is expected to close by September 2027, subject to regulatory approvals. Deutsche Bank has been operating in India for more than 45 years, with a quarter of its global workforce based in India. The value of the transaction has not been disclosed, but it is expected to help Kotak Mahindra Bank expand its market share, where it remains the fourth largest bank in India after HDFC Bank, ICICI Bank and SBI.
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