Deutsche Bank sells India retail business to Kotak Mahindra Bank

The business with around 1,000 employees comprises around 2.7 billion euros ($3.08 billion) in loans and serves 150,000 customers, Deutsche Bank said.

Deutsche Bank said on Tuesday that Kotak Mahindra Bank would acquire its Indian retail banking and wealth management business in India.

FILE PHOTO: A man walks past the Kotak Mahindra Bank branch in New Delhi. (REUTERS/Adnan Abidi/File Photo)

The business with around 1,000 employees comprises around 2.7 billion euros ($3.08 billion) in loans and serves 150,000 customers, Deutsche Bank said.

Reuters reported last year that Deutsche Bank was seeking bids from domestic and foreign lenders in the country.

Despite a rising number of wealthy individuals in India, one of the world's fastest-growing economies, foreign banks have struggled to boost revenues due to stiff competition from local players and regulatory limitations.