Mumbai, July 1st, 2026: Kotak Mahindra Bank Ltd. (“KMBL” / “Kotak”) and Deutsche Bank AG (XETRA: DBKGn.DB / NYSE: DB), acting through its India branch, today announced that they have entered into a definitive agreement for Kotak to acquire Deutsche Bank’s retail banking, affluent private banking and wealth management business in India.
The business comprises approximately INR 29,000 crore (Euro ~2.7 billion) in loans, INR 16,000 crore (Euro ~1.5 billion) in deposits and INR 10,500 crore (Euro ~1.0 billion) of assets under management and serves around 150,000 customers through a team of about 1,000 employees.
Commenting on the acquisition, Ashok Vaswani, Managing Director and CEO, Kotak Mahindra Bank, said, “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.”
Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia, said, “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.”
The acquisition reflects Kotak’s inorganic growth strategy of pursuing targeted opportunities that strengthen its core franchise. Kotak’s established presence in these segments, alongside a relationship-led approach and its broader suite of banking and investment solutions position it well to provide Deutsche Bank’s customers with a seamless and integrated experience post transition. For Deutsche Bank, this step aligns with the group’s Global Hausbank strategy of simplifying the business and focusing on competitive strengths, including Private Bank’s continued focus on global ultra-high net worth clients (including non-resident Indians) outside of India.
Both banks will work closely to ensure continuity of service for customers throughout the transition and post-closing. Approximately 1,000 Deutsche Bank employees in India are expected to join Kotak as part of this transaction, underscoring the importance both banks place on continuity for customers and long-term opportunities for employees.
Closing, including onboarding of customer relationships, employees and associated products, is expected by September 2027, subject to applicable regulatory approvals (including from the Competition Commission of India) and other customary conditions precedent.
This is a Public document.
At closing, the transaction is expected to be ROE1 accretive for Kotak bank and CET12 accretive for Deutsche Bank.
About Kotak Mahindra Bank Limited
Established in 1985, Kotak Mahindra Group is one of India’s leading diversified and integrated financial services conglomerates, providing a wide range of financial solutions across customer and geographic segments. The Group strives to deliver value for its key stakeholders – customers, company, colleagues, and the larger community – through an overarching focus on “Doing it Right by the Customer”. The Group offers products across banking and lending, capital markets, asset management, and protection, enabling it to serve its customers across every spectrum of their financial needs. As on 31st March 2026, the Group has a national footprint of 5,581 branches and total assets of ₹10,03,353 crore. For more information, please visit the company’s website at https://www.kotak.com/
About Deutsche Bank
Deutsche Bank is Germany’s leading bank, with a strong presence in Europe and a significant footprint across the Americas and Asia Pacific. The bank offers a broad range of financial services across corporate and investment banking, transaction banking, and asset and wealth management, serving corporates, governments, institutional investors and private clients.
Deutsche Bank has operated in India for over 45 years and today has a significant presence across key locations, including GIFT City, with more than a quarter of its global workforce based in the country. India is a core market and a strategic anchor within the Group’s global network, underpinned by its strong Corporate Bank and Investment Banking franchise, global business services platform, and the continued expansion of its asset management capabilities through DWS. Following completion, Deutsche Bank will continue to be the largest European bank in India, supporting operations across 48 countries. For more information, please visit www.db.com; https://www.db.com/india
