Emirates NBD will acquire 60% in RBL Bank.
Emirates NBD Set to Acquire 60% Stake in RBL Bank in Landmark Deal: Mumbai, India – October 24, 2025 – In a historic move, Emirates NBD, one of the largest banking groups in the UAE, is set to acquire a 60% majority stake in India’s RBL Bank for ₹26,850 crore. This landmark transaction, marking the first-ever acquisition of a profitable Indian bank by a foreign entity, is poised to reshape the landscape of India’s banking sector.
The deal will be executed through a combination of a preferential allotment of equity shares and a mandatory open offer to RBL Bank’s existing shareholders. The acquisition represents a significant step for Emirates NBD in expanding its footprint in India, one of the world’s fastest-growing financial markets.
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A Historic Move in India’s Banking Sector
The deal is not just a financial milestone but also a strategic move for Emirates NBD. This is the largest-ever foreign direct investment (FDI) in the Indian financial services sector, underscoring the growing confidence of foreign banks in India’s banking and financial markets. It is also the first instance of a foreign bank acquiring a majority stake in a profitable Indian banking institution, setting a new precedent for future cross-border banking transactions.
“This transaction signals a new chapter in the global integration of Indian banking with foreign capital,” said an industry expert. “The deal opens doors for more international banks to explore the potential in India’s rapidly evolving financial ecosystem.”
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Legal Advisors for the Transaction
Shardul Amarchand Mangaldas & Co (SAM) is advising Emirates NBD on this major acquisition. The team at SAM, led by Partners Veena Sivaramakrishnan, Anirban Bhattacharya, and Dhananjai Charan, has played a crucial role in managing the complex regulatory and due diligence processes involved. The team’s expertise in competition law and securities regulations has ensured that the acquisition complies with all necessary legal frameworks.
The due diligence team at SAM also included Jeel Panchal, Sneha Rao, and Pundrikaksh Sharma, with key inputs from Senior Partner Pallavi Shroff and Partners Raghubir Menon and Navruz Vakil.
For RBL Bank, AZB & Partners is providing legal counsel. The AZB team, led by Senior Partners Vaidhyanadhan Iyer and Gautam Ganjawala, along with Partners Jeet Chaudhuri and Bhargavy Ramesh, is advising on the open offer and ensuring compliance with Indian banking laws.
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Merger of Emirates NBD’s Indian Branches
As part of the deal, Emirates NBD will merge its existing Indian banking operations with RBL Bank, further strengthening the UAE-based bank’s position in the Indian market. The merger is expected to create a stronger financial entity capable of competing with some of the largest domestic banks in India.
This integration will combine Emirates NBD’s international banking experience with RBL’s well-established network in India, offering an expanded range of services to both retail and corporate customers.
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Impact on India’s Banking Sector
The acquisition has significant implications for India’s banking sector. With the infusion of foreign capital and expertise, RBL Bank is poised to enhance its operational capabilities, expand its customer base, and accelerate its digital banking offerings.
Moreover, this move could prompt other foreign banks to explore similar opportunities in India, leading to a wave of international investments and potentially greater competition in the Indian financial market. This could result in better products and services for consumers and businesses alike.
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The Road Ahead
The acquisition is subject to regulatory approvals, including from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), following which the open offer will be launched to acquire the necessary shares from RBL Bank’s existing shareholders.
With the deal now in motion, both Emirates NBD and RBL Bank are expected to continue working closely with their legal advisors to finalize the transaction and ensure a smooth integration process.
This historic acquisition signals not only a new era for Emirates NBD but also sets a strong precedent for foreign investments in India’s banking sector. It highlights the growing global interest in India’s banking industry, driven by its vast population, emerging middle class, and expanding financial needs.
As this high-profile transaction unfolds, it is likely to be closely watched by industry analysts, regulators, and competitors, all of whom are eager to see how this acquisition shapes the future of banking in India.
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