Kotak Mahindra Secures CCI Approval for Deutsche Bank's India Retail Business Acquisition

MT Newswires Live11-04 12:23

The Competition Commission of India (CCI) approved Kotak Mahindra Bank's (NSE:KOTAKBANK, BOM:500247) proposed acquisition of Deutsche Bank's retail banking, private banking and wealth management businesses in India.

The transaction involves the transfer of the businesses as a going concern through a slump sale, according to a Tuesday release by the commission. The parties are also planning referral arrangements covering investment advisory and portfolio management services provided by Deutsche Bank's Indian subsidiary.

Kotak Mahindra Bank agreed to the acquisition in June. The business includes about 290 billion rupees in loans, 160 billion rupees in deposits and 10.5 billion rupees in assets under management, the lender had said in June. About 1,000 Deutsche Bank employees are expected to join Kotak as part of the transaction.

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