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Kotak Mahindra Bank to Buy Deutsche Bank's Retail, Wealth Business in India

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Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) agreed to acquire the retail banking, private banking and wealth management business of Deutsche Bank in India, according to a Tuesday filing with the Indian bourse.

The business comprises roughly 290 billion Indian rupees in loans, 160 billion rupees in deposits, and 10.5 billion rupees in assets under management, and serves around 150,000 customers.

Approximately 1,000 employees of Deutsche Bank's India business are expected to join Kotak Mahindra Bank as part of the transaction, the filing stated.

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