Kotak Mahindra Bank to absorb Deutsche Bank's India retail business
Business
Kotak Mahindra Bank is set to absorb Deutsche Bank's retail, private banking, and wealth management arms in India.
This means Kotak gets a big boost: ₹29,000 crore in loans, ₹16,000 crore in deposits, and ₹10,500 crore in managed assets.
Plus, about 150,000 customers and nearly 1,000 employees are making the switch to Kotak.
Deal reportedly worth ₹4,500 cr
The deal is reportedly worth around ₹4,500 crore.
With this move, Kotak seriously levels up its game in home loans, personal lending, MSME services, and premium banking, especially since Deutsche's 17 branches focus on high-net-worth clients.