Emirates NBD gets approvals for majority stake acquisition in RBL Bank

Emirates NBD has secured all approvals for its proposed majority stake acquisition in RBL Bank, marking one of India's largest cross-border banking deals

Emirates NBD on Friday said it has received all regulatory and governmental approvals, including clearance from the Government of India, for its proposed acquisition of a majority controlling stake in RBL Bank, paving the way for completion of one of the largest cross-border banking deals in India.

 

The proposed investment of around $3 billion (₹26,850 crore), first announced in October 2025, marks the largest equity fund raise in the Indian banking sector and the first acquisition of a majority stake in a profitable Indian bank by a foreign banking institution, Emirates NBD said.

 

Under the transaction structure, Emirates NBD will subscribe to up to 959 million equity shares of RBL Bank at ₹280 per share through a preferential allotment, giving it nearly 60 per cent of the lender’s post-issue paid-up share capital. Its eventual holding is expected to range between 51 per cent and 74 per cent, subject to foreign ownership norms and completion of the mandatory open offer.

   

The deal also envisages the amalgamation of Emirates NBD’s India branch operations in Mumbai, Chennai, and Gurugram into RBL Bank, subject to additional approvals. Following completion, RBL Bank will operate as a foreign bank subsidiary under the Reserve Bank of India’s framework, with Emirates NBD becoming the promoter entity.

 

Emirates NBD said the approvals underline the growing economic and financial relationship between India and the UAE and reinforce India’s position as a preferred destination for long-term foreign capital.

 

“Emirates NBD continues to accelerate development across our network and deepen our presence in high-potential regional markets such as India,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman of Emirates NBD. “The successful accomplishment of this milestone acquisition underscores the strategic and long-standing relationship with the country.”

 

Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD, said the approval would enable the bank to begin integrating RBL Bank into the wider group and strengthen its ability to support India’s growth with “capital, capability and connectivity”.

 

Group Chief Executive Shayne Nelson said the transaction positions Emirates NBD “at the centre of a critical trade, wealth and investment corridor” linking India and the Gulf region.

 

Emirates NBD, one of the largest banking groups in the Middle East, North Africa and Türkiye (MENAT) region, said India remains a key market in its broader international expansion strategy amid rising trade, investment, and people flows between India and the Gulf.