Emirates NBD has completed its acquisition of a 60% stake in RBL Bank, closing a deal worth approximately $2.75 billion (~₹260 billion) — the largest foreign direct investment ever made into India’s banking sector. The transaction, originally announced on 18 October 2025, concluded on 18 June 2026 after approvals from the Reserve Bank of India, the Competition Commission of India, the Securities and Exchange Board of India, and the Central Bank of the UAE.
It is the first acquisition of a majority interest in a profitable Indian bank by a foreign bank. The deal was completed through a preferential issue of shares, followed by a mandatory open offer to RBL Bank’s public shareholders as required by Indian regulations. It is also the largest equity fund raise in the Indian banking sector and one of the largest fund raises through preferential issuance by a listed company in India.
RBL Bank offers banking products and services through a distribution network across India. Emirates NBD operates in 13 countries and serves over 10 million customers. The capital is expected to strengthen RBL Bank’s balance sheet and capital adequacy.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, said: “The successful completion of this landmark transaction reflects the strength of the strategic partnership between the UAE and India, built on decades of cooperation, mutual trust and shared economic ambitions. Through our partnership with RBL Bank, Emirates NBD is proud to support this vision and further reinforce its role as a trusted financial bridge between the UAE and India.”
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said: “As one of the world’s fastest-growing major economies, India represents a key pillar of our international strategy. Through our partnership with RBL Bank, we are well-positioned to deepen cross-border connectivity and support trade, investment and financial flows between India and the wider region.”
Shayne Nelson, Group CEO of Emirates NBD, said: “Our investment in RBL Bank creates a compelling platform that combines a strong domestic franchise with Emirates NBD’s regional reach and financial expertise. This partnership enhances our ability to serve customers across markets, while enabling us to drive growth across corporate, retail and digital banking segments.”
Chandan Sinha, Chairman of RBL Bank, said: “This partnership represents a defining moment in RBL Bank’s evolution. The entry of Emirates NBD as our strategic shareholder reflects strong global confidence in our franchise and the broader Indian banking sector.”
R Subramaniakumar, Managing Director & CEO of RBL Bank, said: “This transaction significantly strengthens RBL Bank’s franchise, combining its deep understanding of the Indian market built over years to create a strong foundation for scalable and sustainable growth.”
Emirates NBD held total assets of approximately $331 billion as of 31 March 2026, with first-quarter 2026 net profit of approximately $1.7 billion (full-year 2025 net profit: $6.5 billion). It is listed on the Dubai Financial Market with a market capitalisation of approximately $52 billion as of 17 June 2026, and is 56% owned by the Dubai Government via the Investment Corporation of Dubai and Dubai Holding Group. Emirates NBD established its first representative office in India in 2000 and converted to a branch license in 2017, currently operating three branches — in Mumbai, Gurugram, and Chennai — offering trade finance, treasury services, and bilateral and syndicated loans. RBL Bank, headquartered in Mumbai with a history dating to 1943, serves over 15 million customers through 603 branches and 1,339 business correspondent branches across 28 states and union territories.
