Dubai-based Emirates NBD has received all regulatory and governmental approvals including from the Government of India for its acquisition of a majority controlling stake in RBL Bank Limited, paving the way for the imminent completion of what is being described as one of the most significant cross-border investments in India's financial services sector.
First announced on October 18, 2025, the deal involves Emirates NBD subscribing to approximately 959 million fully paid equity shares of RBL Bank at ₹280 per share through a preferential issue, representing around 60% of RBL Bank's post-issue paid-up share capital.
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The total investment stands at approximately $3 billion (around ₹268.5 billion), making it the largest equity fund raise in the Indian banking sector and the first acquisition of a majority interest in a profitable Indian bank by a foreign banking institution.
Emirates NBD's final shareholding in RBL Bank is expected to range between 51% and 74% of total paid-up share capital, subject to compliance with applicable foreign ownership limits and the conclusion of the mandatory open offer process.
The transaction also envisages the eventual amalgamation of Emirates NBD's India branch operations in Mumbai, Chennai, and Gurugram into RBL Bank, subject to further regulatory clearances. Upon completion, Emirates NBD will be classified as the promoter of RBL Bank, which will operate as a foreign bank subsidiary under the Reserve Bank of India's framework.
Also read: UAE Central Bank clears Emirates NBD-RBL deal
Emirates NBD Group CEO Shayne Nelson said the approval positions the banking group "at the centre of a critical trade, wealth and investment corridor" between the UAE and India.
Emirates NBD currently operates across 13 countries with total assets of AED 1.2 trillion (approximately $327 billion) as of March 31, 2026.
