India's Kotak Mahindra Bank is set to acquire Deutsche ​Bank's India ⁠retail business in a deal estimated ‌at about 45 billion rupees ($480.3 million), the Economic Times ​reported on Monday, citing multiple people familiar with ​the matter.

Kotak was ​chosen as the preferred bidder over Federal Bank, the newspaper said, adding ⁠that the deal could be announced as early as next week and that the final price may be adjusted at closing.

Deutsche ​Bank ‌and Kotak ⁠Mahindra Bank ⁠did not immediately respond to Reuters' requests for comment.

In ​2022, Citi sold its ‌credit card and retail ⁠businesses for more than $1 billion as it exited certain global consumer units over shrinking market share. Last year, Standard Chartered sold its India personal loan portfolio of $488 million to Kotak Mahindra Bank.

Deutsche Bank wants to exit its India retail banking operations, ‌which spans 17 branches, sources told ⁠Reuters last year.

The lender's retail banking ​revenue in India for the financial year ended March 31, 2025 stood at $278.3 ​million, per its ‌disclosures.

($1 = 93.6850 Indian rupees)

(Reporting by ⁠Urvi Dugar in ​Bengaluru; Editing by Sumana Nandy)