Kotak Mahindra Bank Limited is poised to enhance its financial portfolio by acquiring the Private Banking and Wealth Management Business of Deutsche Bank Aktiengesellschaft’s India branches. This strategic acquisition will occur on a slump sale basis, designating it as a going concern. Cyril Amarchand Mangaldas, a distinguished law firm, provided legal counsel to Kotak Mahindra Bank throughout this pivotal transaction.
The team from Cyril Amarchand Mangaldas was spearheaded by Partner Archit Bhatnagar, supported by Senior Associates Pruthvi Jasani and Utkarsh Jhingan, as well as Associates Saurabh Agnihotri and Tanvi Jain. Partner Abhijeet Das played a crucial role, offering strategic advice and oversight during the process. Ranganayakulu Jagarlamudi, a Regulatory Affairs Consultant, contributed insights on SEBI regulatory matters.
Ankita Ray, another Partner, alongside Ankita Sharma, Director of Employment, Principal Associate Rohini Dayalan, and Senior Associate Shivika Gupta, addressed employment-related concerns. In addition, Partner Jian Johnson provided expertise on RBI regulatory issues, while Partner Dhruv Rajain, supported by Principal Associate Rajat Sharma, Senior Associate Ananya Mahant, and Associates Samridh Sinha and Ridhima Sethi, focused on competition law aspects.
Further aligning their strategic interests, Kotak Mahindra Asset Management Company Limited and Kotak Alternate Asset Managers Limited, both subsidiaries of Kotak Bank, have entered into non-binding term sheets with Deutsche Investments India Private Limited. This agreement facilitates client referrals for Portfolio Management Services and Investment Advisory.
As of March 31, 2026, Deutsche Bank’s Private Banking and Wealth Management Business in India boasted approximately ₹29,000 crore (equivalent to ~2.7 billion Euros) in outstanding advances, ₹16,000 crore (~1.5 billion Euros) in deposits, and assets under management worth ₹10,500 crore (~1.0 billion Euros). The business serves a clientele of around 150,000 through a dedicated team of about 1,000 employees.
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The Business Transfer Agreement was officially signed on June 30, 2026, with the transaction’s completion contingent upon fulfilling the conditions stipulated in the agreement.
