MUMBAI: Kotak Mahindra Bank has agreed to acquire Deutsche Bank’s India retail, private banking and wealth business for Rs 282 crore, as a going concern on a slump sale basis . The deal will strengthen the bank’s affluent and SME franchise through an inorganic push, the bank said. The acquired portfolio comprises Rs 29,000 crore in loans, Rs 16,000 crore in deposits and Rs 10,500 crore in assets under management, serving 150,000 customers with around 1,000 employees. Besides added scale, high-quality customers and experienced teams, the purchase will open cross-sell and adjacency opportunities, Kotak Bank said. Deutsche Bank undertook the sale as part of its Global Hausbank strategy, sharpening focus on core businesses—corporate and investment banking and global ultra-highnet-worth clients.
