Kotak Bank Gets Nod to Buy Deutsche Bank Retail Arm
India's Competition Commission has approved Kotak Mahindra Bank's plan to acquire Deutsche Bank's retail and private banking businesses in India. The deal will be done as a going concern on a slump sale basis, meaning the business moves over as a whole. Deutsche Bank is exiting its retail business in India.
Context
Context: Deutsche Bank is a German global bank, and Kotak Mahindra Bank is a major private bank in India. A slump sale means the buyer takes over a business as a whole, rather than buying its assets and staff piece by piece.
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