Cyril Amarchand Mangaldas advised Kotak Mahindra Bank Limited (“Kotak Bank”) on the transaction involving the proposed acquisition of the Private Banking and Wealth Management Business in India (the “Business Undertaking”) of Deutsche Bank Aktiengesellschaft (acting through its India branches) (“DBAG”), as a going concern on a slump sale basis. The Business Transfer Agreement was signed on June 30, 2026. Closing of the sale is subject to completion of the conditions set out under the Business Transfer Agreement.
As of March 31, 2026, the Business Undertaking comprised of approximately INR 29,000 crore (~2.7 billion Euros) in advances outstanding and INR 16,000 crore (~1.5 billion Euros) in deposits and INR 10,500 crore (Euro ~1.0 billion) of assets under management and serves around 150,000 customers through a team of about 1,000 employees.
In addition, Kotak Mahindra Asset Management Company Limited (“Kotak AMC”) and Kotak Alternate Asset Managers Limited (“KAAML”) (both being wholly owned subsidiaries of Kotak Bank) have entered into non-binding term sheets with Deutsche Investments India Private Limited (“DIIPL”) (which is a subsidiary of DBAG) for referral of clients for Portfolio Management Services and Investment Advisory, respectively. Further details available here.
The deal team was led by Archit Bhatnagar, Partner; with assistance from Pruthvi Jasani and Utkarsh Jhingan; Senior Associates; Saurabh Agnihotri and Tanvi Jain, Associates.
Abhijeet Das, Partner; provided strategic inputs and guidance throughout the transaction.
Ranganayakulu Jagarlamudi, Consultant- Regulatory Affairs; provided inputs on SEBI regulatory matters.
Ankita Ray, Partner; with support from Ankita Sharma, Director — Employment; Rohini Dayalan, Principal Associate; Shivika Gupta, Senior Associate; advised on employment related aspects.
Jian Johnson, Partner, advised on RBI regulatory matters.
Dhruv Rajain, Partner; with support from Rajat Sharma, Principal Associate; Ananya Mahant, Senior Associate; Samridh Sinha and Ridhima Sethi, Associates advised on competition related aspects.
