A. SREENIVASA REDDY (ABU DHABI)
Emirates NBD is all set to take over RBL Bank after the government of India gave final clearance for the acquisition of the Indian lender listed on local stock exchanges.
Emirates NBD’s plan to acquire a majority stake in the Indian bank, involving an investment of approximately $3 billion, was first announced on October 18, 2025.
According to the plan, Emirates NBD will subscribe to up to 959,045,636 fully paid equity shares of RBL Bank at Rs280 per share through a preferential issue, representing approximately 60% of RBL Bank’s post-issue paid-up share capital.
The final approval was confirmed by separate statements from Emirates NBD and RBL Bank on Friday.
“With the receipt of the approval of the Government of India, all requisite regulatory and governmental approvals for Emirates NBD’s landmark acquisition of a majority controlling stake in RBL Bank Limited have been received,” Emirates NBD said in a statement.
“This milestone clears the path for the imminent completion of a transaction that represents one of the most significant cross-border investment in India’s financial services sector,” the statement added.
RBL Bank said the proposed investment of around $3 billion “represents one of the largest international investments in the Indian banking sector and is expected to position RBL Bank strongly for its next phase of growth.”
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, said, “Emirates NBD continues to accelerate development across our network and deepening our presence in high-potential regional markets such as India.”
“The successful accomplishment of this milestone acquisition underscores the strategic and long-standing relationship with the country, mirroring the UAE’s own strategic and business cooperation,” he added.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said the approval marks an important milestone for the bank and enables it to commence the integration of RBL Bank into the wider group.
“Emirates NBD is committed to being a long-term partner in India's growth, bringing capital, capability and connectivity to support the opportunities ahead,” Al Qassim said.
Shayne Nelson, Group CEO of Emirates NBD, said the approval positions Emirates NBD “at the centre of a critical trade, wealth and investment corridor” and strengthens financial flows between the UAE and India.
Chandan Sinha, Chairman of RBL Bank, described the development as “a pivotal moment” for the bank.
“The approval reinforces confidence in our franchise and positions us to unlock new growth opportunities, expanding cross-border corridors and scaling of our key business segments while maintaining customer centricity and strong governance standards,” Sinha said.
R Subramaniakumar, MD and CEO of RBL Bank, said: “This milestone marks a transformational step forward for RBL Bank.”
“It strengthens our ability to accelerate growth, deepen our presence across priority segments, and unlock new opportunities both domestically and globally,” he added.
The transaction 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 recognised as the promoter of RBL Bank, which will operate as a foreign bank subsidiary under the Reserve Bank of India framework.
Based on Friday’s closing price of around Rs338 per share, RBL Bank had a market capitalisation of approximately Rs209 billion (Dh8 billion).