Kotak Mahindra Bank gets India watchdog approval for Deutsche acquisition
Kotak Mahindra Bank just got approval from India's competition watchdog to acquire Deutsche Bank's retail, private banking, and wealth management businesses in India.
The move is set to impact about 150,000 customers and will see both banks working together through a referral tie-up.
Deutsche Bank staff joining Kotak Mahindra
Earlier in June this year, Kotak Mahindra Bank and Deutsche Bank AG entered into a definitive agreement to acquire Deutsche Bank's retail, private banking, and wealth management businesses in India.
About 1,000 Deutsche Bank employees will join Kotak as part of the transition.
Kotak CEO Ashok Vaswani called the acquisition a "strategic fit," promising a smooth integration that should boost services for clients and open up new opportunities for staff coming on board.