What was filed
Kotak Mahindra Bank told the exchanges it executed a business transfer agreement with Deutsche Bank AG (acting through its India branch) on June 30, 2026, to acquire DBAG's retail banking, private banking and wealth management business in India as a going concern on a slump-sale basis. The filing is explicit that no separate legal entity is being acquired and no shares change hands — this is a purchase of a defined business undertaking. The company said the transaction is not a related-party transaction, and that the promoter group has no interest in the business being acquired.
The entire consideration is to be paid in cash. Separately, Kotak said its wholly owned subsidiaries Kotak Mahindra Asset Management Company and Kotak Alternate Asset Managers have signed non-binding term sheets with a DBAG subsidiary for referral of Portfolio Management Services and Investment Advisory clients — arrangements that remain subject to definitive agreements yet to be signed.
What Kotak is buying
Per the filing, the business brings a customer franchise of roughly 150,000 customers served by about 1,000 employees, who are expected to join Kotak. The advances book is described as over 90% secured, and the accompanying presentation notes that 16 of Deutsche Bank's 17 India branches will move to Kotak, with the Fort Mumbai branch retained by Deutsche Bank and no banking licences transferred.
Kotak framed the rationale as building a scaled, customer-centric affluent and SME banking franchise, describing the deal as adding incremental scale and a high-quality customer base. The gross revenue figures disclosed for the last three financial years relate to Deutsche Bank's India branches as a whole, not the acquired undertaking alone.
Approvals, timing and capital impact
Completion is conditional on approval from the Competition Commission of India, approvals from NSDL and CDSL for transfer of the depository business, and other regulatory approvals as required. The filing gives an indicative completion timeline of September 2027, subject to customary conditions.
On capital, the presentation states the transaction is expected to be ROE accretive for Kotak, with a CET-1 impact of about 84 basis points, largely on account of incremental risk-weighted assets. Kotak also noted the purchase consideration is to be fully written off in the quarter in which closing occurs.