Emirates NBD has completed its acquisition of a 60% majority stake in India’s RBL Bank through a primary capital infusion of approximately $2.75 billion, closing one of the most significant cross-border banking transactions in Indian financial history.
The deal, first announced in October 2025, received all required regulatory approvals before closing. It was structured through a preferential issue of shares alongside a mandatory open offer to RBL Bank’s existing public shareholders, in line with Indian market regulations.
The transaction carries several historic distinctions. It represents the largest foreign direct investment ever made in India’s banking sector, the largest equity fundraise in Indian banking, and the first time a foreign bank has acquired a majority stake in a profitable Indian lender. For Emirates NBD, it marks a decisive step in building a meaningful long-term presence in one of the world’s fastest-growing major economies.
For RBL Bank, the capital infusion is expected to strengthen its balance sheet, improve its capital position and support its next phase of expansion across corporate, retail and digital banking. The bank brings with it an established franchise, universal banking products and a wide distribution network across India, giving Emirates NBD a platform it would have taken years to build organically.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, framed the deal in the context of the broader relationship between the two nations. “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. It also underscores the commitment of both nations’ leadership to strengthening trade, investment and financial ties. 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, pointed to India’s central role in the bank’s international growth plans. “This transaction marks a significant milestone for Emirates NBD and reinforces our long-term commitment to India. 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.”
The UAE and India have deep economic ties, with billions of dollars in bilateral trade and one of the largest remittance corridors in the world running between the two countries. A Dubai-headquartered bank now holding a controlling stake in an Indian lender adds a significant new dimension to that relationship, with implications for how businesses and individuals move money between the two markets.
By
Sam Reid
