Kotak Mahindra Bank has signed a definitive agreement to acquire Germany-based Deutsche Bank’s retail, private banking and wealth management businesses in India for an undisclosed sum.
The acquisition has been aimed at strengthening Kotak Mahindra Bank’s presence in the affluent and small and medium enterprises (SME) segments, as per media reports. The bank has stated that the transaction is expected to provide a thrust to these businesses.
The businesses being acquired have comprised approximately Rs 29,000 crore in loans, Rs 16,000 crore in deposits and Rs 10,500 crore in assets under management, according to the bank’s official statement.
