Kotak Mahindra Bank has signed a definitive agreement to acquire Deutsche Bank’s retail banking, private banking and wealth management business in India.
- The acquisition will add about Rs 29,000 crore in loans, Rs 16,000 crore in deposits and Rs 10,000 cr Investment AUM to Kotak Bank’s balance sheet.
- The deal will add 150,000 customers and about 1,000 employees to Kotak’s operations.
- The acquisition will strengthen it’s presence in the affluent and small and medium enterprise (SME) segments.
- The deal is on slump sale basis and is valued at Rs 282 crore.
- Entire consideration will be paid in cash.
- The transaction is expected to close by September 2027, subject to the regulatory approvals.
Deal value seems to be very low compared to what Kotak is getting in return.