Overview
- Kotak Mahindra and Deutsche Bank signed a definitive agreement on Tuesday to transfer Deutsche’s onshore retail banking, affluent private‑banking and wealth‑management business to Kotak on a slump‑sale basis.
- The agreed purchase price is approximately Rs 281.7 crore, with the deal moving about Rs 29,000 crore of loans, Rs 16,000 crore of deposits and Rs 10,500 crore of assets under management.
- Roughly 150,000 customers and about 1,000 employees tied to the business are part of the transfer and will be onboarded by Kotak once the transaction closes.
- The transaction requires regulatory clearances, including from the Competition Commission of India and depository transfers, and both banks expect completion by September 2027 subject to customary conditions.
- Kotak says the deal will be ROE accretive and deepen its affluent franchise while Deutsche frames the sale as part of its Global Hausbank push to simplify its India portfolio, a move that drew a small positive reaction in Kotak’s share price.