The Competition Commission of India (CCI) has approved the acquisition of Deutsche Bank Aktiengesellschaft’s retail banking, private banking, and wealth management business in India by Kotak Mahindra Bank Limited on a slump sale basis.
According to the release, the target business encompasses Deutsche Bank’s retail and private banking operations across deposits, lending, investments, insurance, and foreign exchange, alongside its wealth management services for high-net-worth individuals operating through its Indian branches.
Additionally, affiliates of both entities intend to set up customer referral arrangements. Under these contemplated agreements, clients of the investment advisory and portfolio management services of Deutsche Investments India Private Limited will be referred to relevant wholly owned subsidiaries of Kotak Mahindra Bank.
What it means
- Kotak Mahindra Bank will acquire the Indian retail, private banking, and wealth management operations of Deutsche Bank on a slump sale basis.
- Customers using investment advisory and portfolio management services of Deutsche Investments India Private Limited will be referred to Kotak Mahindra Bank subsidiaries.
Source
Press Information Bureau, Government of India, “CCI approves acquisition of certain business of Deutsche Bank Aktiengesellschaft by Kotak Mahindra Bank, and other related transactions”. Read the original release.
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
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