Emirates NBD became the controlling shareholder of RBL Bank in 2026, the first majority acquisition of a profitable Indian bank by a foreign lender. Its own Indian branches in Mumbai, Chennai and Gurugram are being merged into RBL Bank.
Ownership and structure
Emirates NBD owns 60 percent of the expanded share capital of RBL Bank, a listed Indian private bank, after a primary capital infusion completed in June 2026. Its three Indian branches merge into RBL Bank from December 1, 2026. RBL Bank Limited is listed on the NSE and BSE under the symbol RBLBANK.
What India does for Emirates NBD
India is a retail and corporate banking market for Emirates NBD through its controlling stake in RBL Bank and its network of 628 branches.
Investment and deals
Emirates NBD invested about US$2.75 billion, or about Rs 26,000 crore, through a primary capital infusion into RBL Bank completed in June 2026.
Emirates NBD's India business
In June 2026 Emirates NBD completed the purchase of a 60 per cent stake in RBL Bank through a capital infusion of about USD 2.75 billion. The parties described it as the largest foreign direct investment in Indian banking.
The RBI approved the merger of Emirates NBD branches in Mumbai, Chennai and Gurugram into RBL Bank from December 1, 2026. RBL Bank operates 628 branches across 28 states and union territories.
Key moves in India
- 2000: Emirates NBD opened a representative office in India in March.
- 2016: The Reserve Bank of India approved the bank's first branch, in Mumbai.
- 2017: Emirates NBD began operations in India on July 3.
- 2025: Emirates NBD agreed in October to acquire a 60 percent stake in RBL Bank.
- 2026: Emirates NBD completed the RBL Bank acquisition in June for about US$2.75 billion.
- 2026: The Reserve Bank of India approved the merger of the Mumbai, Chennai and Gurugram branches into RBL Bank effective December 1.
Where it operates
Emirates NBD runs its India business from Mumbai. It also has a presence in Chennai and Gurugram.
At a glance
- Home country: United Arab Emirates
- Global headquarters: Dubai
- Sector: Banking & Financial Services
- Business: Banking
- Role of India: Sales market, Financial services franchise
- India entity: RBL Bank Limited
- Listed in India: RBL Bank Limited (RBLBANK)
- India head office: Mumbai
- India offices: Mumbai, Chennai, Gurugram
- India headcount: Not available
© 2026 The Narrative Republic
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