MUMBAI — Kotak Mahindra Bank has secured competition watchdog CCI's approval to take over Deutsche Bank's retail banking, private banking and wealth management business in India, marking a proposed transfer of the German lender's customer-facing businesses to the domestic bank, The Hindu BusinessLine reported on Wednesday, November 4. The Competition Commission of India said on Tuesday that it had approved the acquisition of the businesses operated by Deutsche Bank through its Indian branches.

Source: The Hindu BusinessLine

"The proposed combination envisages acquisition of retail banking, private banking and wealth management business of Deutsche Bank Aktiengesellschaft (seller) undertaken through its branches in India (target business)," the CCI said, BusinessLine reported. The transaction will be undertaken as a going concern on a slump sale basis by Kotak Mahindra Bank Ltd from the seller. The deal also involves referral arrangements between affiliates of the two groups, under which customers of Deutsche Investments India Pvt Ltd's investment advisory and portfolio management services businesses will be referred to relevant wholly owned subsidiaries of Kotak Mahindra Bank; Deutsche Investments India is an indirect wholly owned subsidiary of Deutsche Bank.

Source: The Hindu BusinessLine

Rs 29,000 crLoans in the business being acquired (about EUR 2.7 billion, banks via BusinessLine)
Rs 16,000 crDeposits in the target business (about EUR 1.5 billion)
Rs 10,500 crAssets under management in the target business (about EUR 1 billion)
Rs 281.7 crCash purchase consideration announced with the June agreement (Business Standard reporting)

In June, Kotak Mahindra Bank and Deutsche Bank AG, acting through its India branch, entered into a definitive agreement for Kotak to acquire Deutsche Bank's retail banking, affluent private banking and wealth management business in the country, BusinessLine reported. TradingView's news feed, carrying the CCI announcement, put the portfolio at about 150,000 customers supported by approximately 1,000 employees. Business Standard's report, carried by EuropeSays, said around 1,000 Deutsche Bank employees are expected to join Kotak and that 16 of Deutsche Bank's 17 branches in India will become part of Kotak's network, while Deutsche Bank retains its Fort branch in Mumbai.

Source: TradingView News

The CCI approval clears the competition-law hurdle for a transaction above the prescribed thresholds under the Competition Act, 2002, but it does not complete the transfer: Finance Outlook India reported that completion remains subject to fulfilment of contractual conditions and any remaining regulatory approvals, with the transfer expected in the third quarter of 2027, and the detailed CCI order is awaited. Established in 1985, the Kotak Mahindra Group had total assets of Rs 10,03,353 crore as on March 31, 2026, BusinessLine noted. Sources: The Hindu BusinessLine; TradingView News; Business Standard via EuropeSays; Finance Outlook India.

Source: Finance Outlook India