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India's competition regulator clears Kotak Mahindra's acquisition of Deutsche Bank retail business

By Reuters News

Nov 3 (Reuters) - Competition Commission of India said on Tuesday it had approved Kotak Mahindra Bank's KTKM.NS acquisition of Deutsche Bank's DBKGn.DE India retail business.

  • The German bank said in June that Kotak Mahindra Bank would acquire its retail banking and wealth management business in India.

  • Kotak Mahindra Bank said the acquisition price was around $30 million.

  • The move comes as the German bank looks to simplify its business and redeploy capital.

  • Foreign banks have struggled to boost revenues in India because of stiff competition from local players and regulatory limitations, despite the rising number of wealthy individuals in India.

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