Brands
Kotak buys Deutsche’s India retail business in Rs 45 billion deal
Preferred bidder moves ahead as German lender pares India exposure
MUMBAI: India’s banking chessboard is shifting fast. Kotak Mahindra Bank is set to snap up Deutsche Bank’s India retail business in a deal pegged at about Rs 45 billion ($480.3 million), according to a report by The Economic Times, citing people familiar with the matter.
Kotak, flagged as the preferred bidder over Federal Bank, could seal the transaction as early as next week, though the final price may still be tweaked at closing. Both Kotak Mahindra Bank and Deutsche Bank did not immediately respond to requests for comment.
The move underscores Deutsche Bank’s steady retreat from select global retail markets as it sharpens focus and cuts exposure. In India, the exit would cover a retail banking network spanning 17 branches, a modest but strategic footprint in a fiercely competitive market.
The deal fits a broader pattern. In 2022, Citi offloaded its India consumer business for more than $1 billion as it pulled back from global retail. Last year, Standard Chartered sold a $488 million personal loan portfolio in India to Kotak Mahindra Bank, reinforcing Kotak’s appetite for bolt on growth.
Numbers tell their own story. Deutsche Bank’s retail banking revenue in India stood at $278.3 million for the financial year ended March 31, 2025, respectable but not enough to justify long term capital in a market dominated by domestic heavyweights and nimble private lenders.
For Kotak, the acquisition is less about scale and more about sharpening its retail edge, customers, cards and cross sell opportunities bundled into one tidy purchase. For Deutsche, it is another clean cut in a global reshaping.
Deals like this rarely shout. They quietly redraw the map.
Brands
JP Morgan names Rahul Badhwar as senior country officer for India
HSBC veteran to drive growth and strategy as US bank strengthens India presence
MUMBAI: JP Morgan has appointed Rahul Badhwar as its senior country officer for India, signalling a renewed push in one of Asia Pacific’s most critical markets.
Badhwar, who joins from UK-based HSBC, brings three decades of experience in sales and trading, most recently serving as global head of corporate sales for markets and securities services in London. His career spans stints in India, Dubai and Hong Kong, giving him a strong international perspective.
He will replace Kaustubh Kulkarni, who left JP Morgan in September 2025 to join rival Citigroup. Badhwar will be based in Mumbai from July, report to Leenart, and join JP Morgan’s Asia Pacific Management Committee.
According to an internal memo reviewed by PTI, Badhwar’s responsibilities include expanding the bank’s full suite of offerings to clients, strengthening governance and controls, and supporting talent development and community initiatives.
JP Morgan operates across trade solutions, investment banking, and equity capital markets in India, employing more than 55,000 people nationwide. Badhwar’s appointment is expected to reinforce the bank’s strategy and growth ambitions in a market critical to its Asia Pacific operations.
