July 1, 2026
Kotak Mahindra Bank to acquire parts of Deutsche Bank in India
Kotak Mahindra Bank has agreed to acquire the retail, private banking, and wealth management businesses in India of Germany’s largest bank, in a move to grow in country’s competitive environment.
The deal, announced on Tuesday, is for an undisclosed amount. The portfolios include approximately Rs 29,000 crore ($3.1 billion; €2.7 billion) in loans, Rs 16,000 crore in deposits and Rs 10,500 crore of assets under management.
Kotak CEO Ashok Vaswani described the deal as a “strong strategic fit.”
Deutsche Bank serves around 150,000 customers in India. Its 1,000 employees will be moved to Kotak, which is India’s fourth-largest banker by market capitalization.
“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,” Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia said in a statement.
“India’s growing integration into the global economy reinforces its position as a core market for Deutsche Bank,” he said, adding that Deutsche Bank will now focus on global ultra-high net worth clients, including non-resident Indians.
