CCI approves Kotak Mahindra Bank’s acquisition of Deutsche Bank’s India retail banking business

The Competition Commission of India (CCI) on Tuesday approved Kotak Mahindra Bank Limited’s proposed acquisition of Deutsche Bank AG‘s retail banking, private banking and wealth management businesses in India.

The proposed transaction also includes referral arrangements between the parties through their affiliates, it said in a release.

Earlier in June this year, Kotak Mahindra Bank and Deutsche Bank AG entered into a definitive agreement for acquisition, comprising approximately Rs 29,000 crore (Euro 2.7 billion) in loans, Rs 16,000 crore (Euro 1.5 billion) in deposits, and Rs 10,500 crore (Euro 1.0 billion) of assets under management, serving around 150,000 customers through a team of approximately 1,000 employees.

“This transaction aligns well with our focus on the affluent and SME segments,” Ashok Vaswani, Managing Director and CEO, Kotak Mahindra Bank had said.

“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 continuiy, while building further depth and capability in this business,” he added as the lender announced the deal in June.

Amid the transition, approximately 1,000 Deutsche Bank employees in India are expected to join Kotak, underscoring the importance both banks place on continuity for customers and long-term opportunities for employees.