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UAE’s Emirates NBD bank gets nod for majority stake in India's RBL Bank
Initially announced on October 18, 2025, the Dubai-based bank will subscribe to up to 959,045,636 fully paid equity shares of RBL Bank at ₹280 (Dh10.7) per share through a preferential issue
- PUBLISHED: Sun 17 May 2026, 11:36 AM
Emirates NBD, Dubai’s largest bank with assets exceeding Dh1 trillion, announced the Indian government’s approval to acquire a majority stake in the Indian private RBL Bank.
The investment is roughly around Dh11 billion and represents the largest equity fund raise in the Indian banking sector and the milestone acquisition of majority interest in a profitable Indian bank by a foreign banking institution.
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Initially announced on October 18, 2025, the Dubai-based bank will subscribe to up to 959,045,636 fully paid equity shares of RBL Bank at ₹280 (Dh10.7) per share through a preferential issue, representing approximately 60 per cent of RBL Bank’s post-issue paid-up share capital.
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Emirates NBD’s final shareholding is expected to range between 51 per cent and 74 per cent of total paid-up share capital, subject to compliance with applicable foreign ownership limits and the conclusion of the mandatory open offer process.
India represents a key market for the UAE banking sector, as Indians make up most of the expatriate community in the country. Bilateral relations between the two nations date back centuries, with India becoming the first country to sign a Comprehensive Strategic Partnership Agreement (CEPA) with the UAE.
“India’s regulatory and governmental institutions have demonstrated an extraordinary commitment to welcoming transformative, long-term foreign investment into India’s financial sector,” Emirates NBD said in a statement.
Its chairman, Sheikh Ahmed bin Saeed Al Maktoum, said that the successful accomplishment of this milestone acquisition underscores the strategic and long-standing relationship with India, which mirrors the UAE’s own strategic and business cooperation.
“Emirates NBD continues to accelerate development across our network and deepening our presence in high-potential regional markets such as India. We extend our appreciation and gratitude to the wise and visionary leadership of India and the UAE who have enabled the completion of this remarkable milestone,” he said.
“Emirates NBD is committed to being a long-term partner in India's growth, bringing capital, capability and connectivity to support the opportunities ahead,” Vice Chairman and Managing Director of Emirates NBD, Hesham Abdulla Al Qassim, said.
Shayne Nelson, the group CEO, added, “This approval positions Emirates NBD at the centre of a critical trade, wealth and investment corridor, cements our ability to serve customers across two of the world’s most dynamic economies and strengthen financial flows between the two countries.”
Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.