India’s Competition Commission Approves Kotak Deal Including Loans Worth 29,000 Crore Rupees
Key Facts
India’s Competition Commission has approved Kotak Mahindra Bank’s acquisition of certain Deutsche Bank businesses in India, according to a commission statement dated 3 November 2026. The deal covers retail banking, private banking and wealth management activities that Deutsche Bank operates through its Indian branches. The approval is a regulatory step in the transaction, which is expected to close by September 2027, subject to further regulatory approvals. Kotak said the transaction aligns with its focus on affluent customers and small and medium-sized businesses. Kotak shares closed up 1.37% in the session on the announcement, at 464.65 rupees, a gain of 6.30 rupees during the session.
The businesses being acquired include loans of about 29,000 crore rupees, deposits of 16,000 crore rupees and assets under management of 10,500 crore rupees, Fortune India reported. The businesses also serve about 150,000 customers and employ around 1,000 people. Kotak said the deal is in line with its focus on inorganic growth through targeted opportunities that strengthen its core business. The expansion brings a base of customers and banking and wealth management assets within the scope of the businesses transferring to the Indian bank. About 1,000 Deutsche Bank employees in India are expected to join Kotak when the deal is completed.
The transaction is structured as the sale of an integrated business unit, with operations continuing as a going concern. The cash consideration is 281.7 crore rupees, plus net asset value less liabilities at closing. The cash consideration and net assets are subject to agreed contractual adjustments. The arrangements also include the referral of Deutsche Investments India clients using investment advisory and portfolio management services to Kotak’s wholly owned subsidiaries. The deal therefore extends to client relationships tied to investment and portfolio management services, alongside the banking businesses being acquired.
The deal is limited to retail banking, private banking and wealth management activities, while Deutsche Bank will retain its corporate and investment banking businesses and activities linked to its global service centres in India. Deutsche Bank tells clients that the transfer of their banking relationship will take effect on a date they will be notified of, currently expected to be in the third quarter of 2027. Some products require clients’ consent to transfer, while others will transfer automatically. According to the bank’s FAQs, clients who consent to the transfer of their relationship will not need to submit new account-opening documents. Deutsche Bank shares listed in the United States closed at 34.03 dollars on 3 November 2026.