Kotak Mahindra Bank Gets CCI Nod To Acquire Deutsche Bank's Retail, Wealth Management Business

The Competition Commission of India has approved Kotak Mahindra Bank Limited's proposed acquisition of Deutsche Bank Aktiengesellschaft's retail banking, private banking and wealth management business in India.

The proposed transaction involves Kotak acquiring Deutsche Bank's said business, operated through its Indian branches, as a going concern on a slump sale basis.

The parties are also proposing to enter into referral arrangements through their respective affiliates. Under these arrangements, customers of Deutsche Investments India Private Limited's investment advisory and portfolio management services businesses would be referred to the relevant wholly owned subsidiaries of Kotak Mahindra Bank.

The Commission noted that Kotak Mahindra Bank is a scheduled commercial bank licensed by the Reserve Bank of India and is engaged in retail banking, wealth management and institutional banking, among other activities.

Deutsche Bank's business proposed to be transferred includes deposit and lending products, investments, insurance and foreign exchange services. Its wealth management business primarily caters to high-net-worth individuals.

The Commission stated that a detailed order would be issued.