Competition Commission of India said on Tuesday it had approved Kotak Mahindra Bank’s acquisition of Deutsche Bank’s 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.
Reuters
