Kotak Mahindra Bank Limited is set to acquire the Private Banking and Wealth Management Business in India of Deutsche Bank Aktiengesellschaft (acting through its India branches), as a going concern on a slump sale basis.
Cyril Amarchand Mangaldas advised Kotak Mahindra Bank on this transaction.
The deal team was led by Archit Bhatnagar (Partner); with assistance from Pruthvi Jasani (Senior Associate) and Utkarsh Jhingan (Senior Associate); Saurabh Agnihotri (Associate) and Tanvi Jain (Associate).
Abhijeet Das (Partner) provided strategic inputs and guidance throughout the transaction.
Ranganayakulu Jagarlamudi (Consultant - Regulatory Affairs) provided inputs on SEBI regulatory matters.
Ankita Ray (Partner), with support from Ankita Sharma (Director – Employment), Rohini Dayalan (Principal Associate), Shivika Gupta (Senior Associate), advised on employment related aspects.
Jian Johnson (Partner) advised on RBI regulatory matters.
Dhruv Rajain (Partner), with support from Rajat Sharma (Principal Associate), Ananya Mahant (Senior Associate), Samridh Sinha (Associate), and Ridhima Sethi (Associate) advised on competition related aspects.
In addition, Kotak Mahindra Asset Management Company Limited and Kotak Alternate Asset Managers Limited (both being wholly owned subsidiaries of Kotak Bank) have entered into non-binding term sheets with Deutsche Investments India Private Limited (which is a subsidiary of Deutsche Bank) for referral of clients for Portfolio Management Services and Investment Advisory, respectively.
As of March 31, 2026, the the Private Banking and Wealth Management Business in India of Deutsche Bank comprised of approximately ₹29,000 crore (~2.7 billion Euros) in advances outstanding, ₹16,000 crore (~1.5 billion Euros) in deposits and ₹10,500 crore (Euro ~1.0 billion) of assets under management and serves around 150,000 customers through a team of about 1,000 employees.
The Business Transfer Agreement was signed on June 30, 2026. Closing of the sale is subject to completion of the conditions set out under the Business Transfer Agreement.
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