Kotak Mahindra Bank acquires Deutsche Bank's India retail arm; fuel prices reduced; Pakistan warns India on water treaty
L'essentiel
- Kotak Mahindra Bank is acquiring Deutsche Bank's retail, private banking, and wealth management businesses in India.
- Concurrently, commercial LPG and jet fuel prices have been cut due to lower global oil rates, offering relief to businesses and airlines.
- Separately, Pakistan has warned India regarding the Indus Water Treaty.
Résumé généré par IA
The price of commercial LPG cylinders have dropped starting July 1, bringing some relief to India's hospitality businesses, commercial users of gas and street vendors.
The price of the 19 kg commercial LPG cylinder was lowered by Rs 183.5 ($1.95; €1.70) from Wednesday, bringing it to Rs 2,930 in Delhi, the Press Trust of India reported. Gas and fuel prices differ from states to cities due to transportation costs and state-level taxes.
Commercial LPG rates hit an all-time high of Rs 3,113 per 19-kg cylinder last month as the West Asia crisis fueled a spike in crude oil prices.
The cost of Aviation Turbine Fuel (ATF) was also cut by Rs 5 per liter to Rs 110 in Delhi, on softer global oil prices.
Jet fuel rates had more than doubled in April due to disruptions from the Iran war. Several Indian airlines increased the rate of air tickets and levied a fuel surcharge to make up for the higher oil prices.
Kotak Mahindra Bank has agreed to acquire the retail, private banking, and wealth management businesses in India of Germany's largest bank, in a move to grow in country's competitive environment.
The deal, announced on Tuesday, is for an undisclosed amount. The portfolios include approximately Rs 29,000 crore ($3.1 billion; €2.7 billion) in loans, Rs 16,000 crore in deposits and Rs 10,500 crore of assets under management.
Kotak CEO Ashok Vaswani described the deal as a "strong strategic fit."
Deutsche Bank serves around 150,000 customers in India. Its 1,000 employees will be moved to Kotak, which is India's fourth-largest banker by market capitalization.
"This transaction marks an important step in sharpening Deutsche Bank’s portfolio and focusing on areas where we have scale, strength, and the ability to deliver sustained returns," Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia said in a statement.
"India’s growing integration into the global economy reinforces its position as a core market for Deutsche Bank," he said, adding that Deutsche Bank will now focus on global ultra-high net worth clients, including non-resident Indians.
On the international front, there is growing discource and anger among Pakistani politicians about India's continued abeyance of the Indus Water Treaty.
