The Competition Commission of India (CCI) has approved Kotak Mahindra Bank Ltd's proposed acquisition of Deutsche Bank Aktiengesellschaft's retail banking, private banking and wealth management businesses in India, along with related transactions.
The deal involves the transfer of Deutsche Bank's identified businesses operating through its Indian branches to Kotak Mahindra Bank on a going-concern basis through a slump sale arrangement.
Additionally, the parties are considering referral agreements through their respective affiliates. Under these arrangements, customers of Deutsche Investments India Pvt Ltd, an indirect wholly owned subsidiary of Deutsche Bank, may be referred to relevant wholly owned subsidiaries of Kotak Mahindra Bank for investment advisory and portfolio management services.
Kotak Mahindra Bank is a scheduled commercial bank licensed by the Reserve Bank of India (RBI) and listed on the BSE and NSE. Its operations span retail banking, wealth management and institutional banking, offering deposit accounts, loans, investment and insurance product distribution, portfolio management and investment advisory services.
The acquired business comprises Deutsche Bank's retail banking, private banking and wealth management operations in India. Its offerings include deposits, lending, investments, insurance and foreign exchange services, while its wealth management division primarily caters to high-net-worth individuals.