This acquisition will reshape cross-border banking between India and the UAE, reinforcing confidence in India’s regulatory ecosystem and capital markets.
MUMBAI (India CSR): In a landmark move reshaping India’s banking landscape, Emirates NBD Bank (P.J.S.C.), one of the largest banking groups in the Middle East, will acquire a controlling stake in RBL Bank Limited through a primary infusion of approximately USD 3 billion (~Rs. 26,850 crore) — marking the largest-ever foreign direct investment and equity raise in the Indian banking sector.
Key Highlights of the Transaction
Particulars
Details
Investor
Emirates NBD Bank (P.J.S.C.)
Target
RBL Bank Limited
Investment Amount
USD 3 billion (~₹26,850 crore)
Mode of Investment
Preferential issue (up to 60% stake)
Additional Step
Mandatory open offer for 26% public stake under SEBI norms
Significance
Largest FDI in Indian financial services sector; largest equity raise in Indian banking
Amalgamation
Emirates NBD’s India branches to merge into RBL Bank post-investment
Regulatory Approvals
Subject to RBI, SEBI, and other customary clearances
This deal underscores Emirates NBD’s long-term commitment to India, cementing the UAE’s growing role in India’s financial ecosystem and the India–Middle East–Europe Economic Corridor (IMEC). It is also the first-ever majority acquisition by a foreign bank in a profitable Indian bank, signaling global investor confidence in India’s robust financial sector.
Statements from Leadership
Shayne Nelson, Group CEO, Emirates NBD
Shayne Nelson, Group CEO, Emirates NBD:
“Our investment in RBL Bank is a testament to our confidence in India’s vibrant and expanding economy. This strategic alignment brings together RBL Bank’s growing domestic franchise with Emirates NBD’s regional reach and financial expertise. Together, we will support Indian businesses, trade, and projects across the MENATSA region.”
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Chandan Sinha, Chairman, RBL Bank
Chandan Sinha, Chairman, RBL Bank:
“This partnership marks a defining moment in RBL Bank’s journey. Emirates NBD’s entry as a strategic shareholder reflects global confidence in India’s banking sector and RBL’s potential. We are poised to strengthen our capabilities and build a future-ready institution anchored in trust, governance, and growth.”
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R. Subramaniakumar, MD & CEO, RBL Bank:
“Welcoming Emirates NBD as our strategic partner secures a globally respected anchor shareholder. This partnership provides a strong capital base for growth and will create immense stakeholder value through synergy and innovation.”
R. Subramaniakumar, MD & CEO, RBL Bank
Impact on Both Banks
For RBL Bank: Enhanced capital strength, improved Tier-1 ratio, expanded retail and SME footprint, and deeper product innovation through Emirates NBD’s technological and treasury expertise.
For Emirates NBD: Strengthened foothold in India — one of the fastest-growing banking markets — with access to RBL’s 15 million customers, 564 branches, and 1,347 correspondent outlets.
About Emirates NBD
Headquarters: Dubai, UAE
Market Cap: USD 43 billion (as of Oct 15, 2025)
Total Assets: USD 296 billion (June 2025)
Net Profit (H1 2025): USD 3.4 billion
Ownership: 56% by Dubai Government
Presence: 13 countries, including UAE, Egypt, India, Türkiye, UK, and Saudi Arabia
India Operations: Established 2000; full branches in Mumbai, Gurugram, and Chennai
About RBL Bank
Established: 1943
Listed on: BSE & NSE
Total Assets (Sept 2025): ₹1.53 lakh crore
Deposits: ₹1.16 lakh crore
Advances: ₹1.00 lakh crore
Customers: ~15 million
Branches: 564 + 1,347 BC outlets
Digital Edge: Strong player in payments and credit card ecosystem
Advisors to the Deal
Role
Advisor
Financial Advisors to ENBD
Ernst & Young LLP (EY), J.P. Morgan, NeoStrat Advisors
Legal Advisors to ENBD
Shardul Amarchand Mangaldas & Co
Legal Advisors to RBL Bank
AZB & Partners
Significance
This acquisition will reshape cross-border banking between India and the UAE, reinforcing confidence in India’s regulatory ecosystem and capital markets. It positions RBL Bank for accelerated growth while making Emirates NBD a leading foreign banking franchise in India’s domestic market.
