Kotak Mahindra Bank to Acquire Deutsche Bank India Retail
Kotak Mahindra Bank will buy Deutsche Bank's India retail unit for 45 billion rupees. The deal follows the German lender's exit from local consumer banking.
Kotak Mahindra Bank Limited is reportedly finalizing a deal to acquire the retail banking operations of Deutsche Bank AG in India. The transaction is estimated to be worth approximately 45 billion rupees ($480.3 million), according to reports from the Economic Times citing sources familiar with the matter.
The Mumbai-based lender was reportedly selected as the preferred bidder for the acquisition, beating out a competing offer from The Federal Bank Limited. While the final price remains subject to adjustments at closing, an official announcement could be made as early as next week. Currently, neither bank has responded to requests for comment regarding the potential sale.
The move comes as several global financial institutions pivot away from consumer banking in the region to focus on other core areas. In 2022, Citigroup Inc. completed the sale of its credit card and retail businesses for more than $1 billion as part of a broader exit from specific global consumer units. Last year, Standard Chartered PLC also divested its Indian personal loan portfolio, valued at $488 million, to Kotak Mahindra Bank.
Deutsche Bank’s retail footprint in the country includes 17 branches. Disclosures for the financial year ending March 31, 2025, show that the lender’s retail banking revenue in the country stood at $278.3 million. The exit would allow the German bank to streamline its operations while further consolidating Kotak Mahindra Bank's position in the domestic retail market.
