Kotak Mahindra Bank has received approval from the Competition Commission of India (CCI) to acquire Deutsche Bank's retail banking, private banking and wealth management businesses in India. The approval marks an important step towards completing the transaction announced in June 2026.

The acquisition covers Deutsche Bank's identified businesses operated through its branches in India. It will be completed as a going concern through a slump sale, allowing Kotak Mahindra Bank to take over the businesses as functioning operations rather than acquiring individual assets separately.

The CCI announced its approval on November 3, 2026. However, the transaction is still subject to the fulfillment of contractual conditions and any remaining regulatory approvals.

Key Highlights

• CCI approves Kotak Mahindra Bank's acquisition of Deutsche Bank's India businesses.
• The transaction involves a cash purchase consideration of ₹281.7 crore, along with the net value of assets and liabilities at closing.
• Around 1,000 employees and 16 Deutsche Bank branches are expected to move to Kotak.

Deal Covers Banking, Wealth Management and Investment Services

The two banks entered into a definitive agreement on June 30, 2026. Under the agreement, Kotak Mahindra Bank will acquire Deutsche Bank's retail banking, affluent private banking and wealth management businesses in India.

The transaction includes approximately ₹29,000 crore in loans, ₹16,000 crore in deposits and ₹10,500 crore in assets under management (AUM). The businesses serve around 1.5 lakh customers. The cash purchase consideration was set at ₹281.7 crore. This amount is separate from the value of assets minus liabilities at the time of closing, subject to agreed contractual adjustments.

The acquisition will also involve the transfer of around 1,000 Deutsche Bank employees to Kotak Mahindra Bank. Of Deutsche Bank's 17 branches in India, 16 will become part of Kotak's network. Deutsche Bank will retain its Fort branch in Mumbai.

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CCI Approval Clears an Important Regulatory Hurdle

The proposed transaction also includes referral arrangements between the two banks through their respective affiliates. These arrangements will cover customers of Deutsche Investments India's investment advisory and portfolio management services businesses.

The CCI reviews mergers and acquisitions that meet the prescribed thresholds under the Competition Act, 2002. Its role is to assess whether such transactions could adversely affect competition in relevant Indian markets.

With the approval in place, Kotak Mahindra Bank has cleared a key regulatory hurdle. The detailed CCI order is awaited, while the completion of the transaction remains subject to the conditions specified in the agreement and other applicable approvals.

Deutsche Bank has indicated that the transfer is expected to be completed in the third quarter of 2027. Both banks will need to complete the remaining steps before the businesses formally move to Kotak's network.