Kotak Mahindra to acquire Deutsche Bank's Indian retail unit

Kotak Mahindra Bank has agreed to acquire Deutsche Bank's retail, private banking, and wealth management operations in India, the banks announced on Tuesday, June 30, 2026. The deal, which is expected to close by September 2027, will see approximately 1,000 Deutsche Bank employees and a portfolio serving around 150,000 customers transfer to the Indian private lender.

The businesses being acquired comprise approximately 29,000 crore rupees (about 2.7 billion euros) in loans, 16,000 crore rupees in deposits, and 10,500 crore rupees of assets under management. The transaction is part of Kotak Mahindra Bank's strategy of pursuing targeted inorganic growth to strengthen its core franchise, with a particular focus on affluent and small-to-medium enterprise (SME) segments.

For Deutsche Bank, the sale aligns with its "Global Hausbank" strategy to streamline operations and concentrate resources on areas where it holds a stronger competitive position globally. This includes a focus on serving ultra-high-net-worth clients, including non-resident Indians, outside of India. The bank stated that India remains a core market, with its future emphasis there lying in its corporate and investment...