India’s Kotak Mahindra Bank is set to acquire Deutsche Bank’s India retail business in a deal estimated at about Rs 4,500 crore ($480.3 million), the Economic Times reported on Monday, citing multiple people familiar with the matter.
Kotak was chosen as the preferred bidder over Federal Bank, the newspaper said, adding that the deal could be announced as early as next week and that the final price may be adjusted at closing.
Deutsche Bank and Kotak Mahindra Bank did not immediately respond to Reuters’ requests for comment.
In 2022, Citi sold its credit card and retail businesses for more than $1 billion as it exited certain global consumer units over shrinking market share. Last year, Standard Chartered sold its India personal loan portfolio of $488 million to Kotak Mahindra Bank.
Deutsche Bank wants to exit its India retail banking operations, which spans 17 branches, sources told Reuters last year.
The lender’s retail banking revenue in India for the financial year ended March 31, 2025 stood at $278.3 million, per its disclosures.
Reuters
