FRANKFURT, June 30 (Reuters) - Deutsche Bank said on Tuesday that Kotak Mahindra Bank would acquire its retail banking and wealth management business in India, as the German bank aims to streamline operations and redeploy capital.
Kotak Mahindra said the price was around $30 million.
The business with around 1,000 employees comprises around €2.7 billion ($3 billion) in loans and serves 150,000 customers, Deutsche Bank said.
The exit "represents a further step in simplifying our business and focusing on our strengths as we further enhance our profitability", said Deutsche Bank board member Claudio de Sanctis.
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.
Ashok Vaswani, managing director and CEO of Kotak Mahindra, said the acquisition was a "strong strategic fit".
($1 = 0.8778 euros)
Reporting by Tom Sims, editing by Miranda Murray and Thomas Seythal
Source: Reuters