New Delhi, Nov 4 (PTI) Kotak Mahindra Bank has secured competition watchdog CCI's approval to take over Deutsche Bank's retail banking, private banking and wealth management business in the country, marking a proposed transfer of the German lender's customer-facing businesses to the domestic bank.

    The Competition Commission of India (CCI), on Tuesday said it had approved the acquisition of the businesses operated by Deutsche Bank through its Indian branches.

    "The proposed combination envisages acquisition of retail banking, private banking and wealth management business of Deutsche Bank Aktiengesellschaft (seller) undertaken through its branches in India (target business)," CCI said.

    The transaction will be undertaken as a going concern on a slump sale basis by Kotak Mahindra Bank Ltd (acquirer) from the seller, it added.

    The deal also involves referral arrangements between affiliates of the two groups, under which customers of Deutsche

Investments India Pvt Ltd's investment advisory and portfolio management services businesses will be referred to relevant wholly owned subsidiaries of Kotak Mahindra Bank.

    Deutsche Investments India is an indirect wholly owned subsidiary of Deutsche Bank.

    In June, Kotak Mahindra Bank and Deutsche Bank AG, acting through its India branch, said they have entered into a definitive agreement for Kotak to acquire Deutsche Bank's retail banking, affluent private banking and wealth management business in the country.

    The business comprises approximately Rs 29,000 crore (about 2.7 billion euros) in loans, Rs 16,000 crore (around 1.5 billion euros) in deposits and Rs 10,500 crore (approximately 1 billion euros) of assets under management, they said.

    Established in 1985, Kotak Mahindra Group is one of India's leading diversified and integrated financial services conglomerates. As on March, 31 2026, the Group has total assets of Rs 10,03,353 crore.

    Deutsche Bank is Germany's leading bank, with a strong presence in Europe and a significant footprint across the Americas and Asia Pacific.

    The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

(This story has not been edited by THE WEEK and is auto-generated from PTI)
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