Cyril Amarchand Mangaldas has advised Kotak Mahindra Bank on the transaction involving the proposed acquisition of the private banking and wealth management business in India of Deutsche Bank, as a going concern on a slump sale basis. AZB & Partners represented Deutsche Bank A.G. India branches on this transaction.
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 approximately INR 29,000 crore in advances outstanding and INR 16,000 crore in deposits and INR 10,500 crore 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 and Kotak Alternate Asset Managers, both being wholly owned subsidiaries of Kotak Bank, have entered into non-binding term sheets with Deutsche Investments India (which is a subsidiary of DBAG) for referral of clients for Portfolio Management Services and Investment Advisory, respectively.
CAM’s deal team was led by partner Archit Bhatnagar, with assistance from senior associates Pruthvi Jasani and Utkarsh Jhingan, and associates Saurabh Agnihotri and Tanvi Jain. Partner Abhijeet Das provided guidance throughout the transaction.
Consultant- Regulatory Affairs Ranganayakulu Jagarlamudi provided inputs on SEBI regulatory matters.
Partner Ankita Ray with support from Director – Employment Ankita Sharma, principal associate Rohini Dayalan, senior associate Shivika Gupta advised on employment related aspects.
Partner Jian Johnson advised on RBI regulatory matters.
Partner Dhruv Rajain with support from principal associate Rajat Sharma, senior associate Ananya Mahant, and associates Samridh Sinha and Ridhima Sethi advised on competition related aspects.
AZB’s deal team was led by senior partners Gautam Ganjawala and Roxanne Anderson and comprised of partner Karthik Mudaliar, senior associates Lokesh Deshwal and Sanghamitra Sengupta, and associates Prithviraj Khanna and Malvika Kedia.
