Emirates NBD Agrees To Acquire India's RBL In $3 Billion Deal

Tom Burroughes

21 October 2025

UAE-headquartered for about $3 billion, it announced yesterday. Emirates NBD said the proposed transaction highlighted its “long-term commitment to the Indian market.”

The agreement represents the largest ever foreign direct investment in the Indian financial services sector; the largest ever equity fundraise in the Indian banking sector; the biggest fundraise via preferential issuance by a listed company in India, and the first time a profitable Indian bank has been acquired, Emirates NBD said in an emailed statement.

The proposed investment, which will be made via a preferential issue of up to 60 per cent, is subject to regulatory approvals and customary closing conditions.

Emirates NBD will also make a mandatory open offer to buy up to a 26 per cent stake from the public shareholders of RBL Bank, the statement said.

The two banks have approved amalgamating the India branches of Emirates NBD with and into RBL Bank as required by RBI guidelines.

This amalgamation is expected to be completed after the execution of the preferential issuance into RBL Bank.

The transaction will “significantly strengthen RBL Bank’s balance sheet, enhance its Tier-1 capital ratio, and provide long-term growth capital, further enabling the bank to deepen its deposit franchise and expand its footprint through calibrated branch network expansion,” Emirates NBD said.

“Our investment in RBL Bank is a testament to our confidence in India’s vibrant and expanding economy. This strategic alignment brings together RBL Bank’s growing domestic franchise with Emirates NBD’s regional reach and financial expertise, creating a unique platform for growth and innovation,” Shayne Nelson, group CEO of Emirates NBD, said. “An enhanced presence in India for ENBD, through a well-established business like RBL Bank, would further complement ENBD’s service to customers operating throughout the MENATSA region.” (The acronym stands for “Middle East, North Africa, Turkey, and Southern Asia.”)

RBL Bank chairman Chandan Sinha said: "The entry of Emirates NBD as our strategic shareholder reflects the global confidence in India's banking sector and RBL Bank’s potential within it."

Ernst & Young (EY), JP Morgan and NeoStrat Advisors advised Emirates NBD; Shardul Amarchand Mangaldas & Co acted as legal advisor for ENBD and AZB & Partners legally advised RBL.

Emirates NBD is listed in Dubai with a market capitalisation of about $43 billion, and 56 per cent owned by the Dubai government via Investment Corporation of Dubai and Dubai Holding Group. Its services include private banking and wealth management. It operates three branches in India’s commercial centres of Mumbai, Gurugram and Chennai.

As of 30 September, RBL Bank’s advances stood at $11.43 billion and had deposits of $13.27 billion. It serves more than 15 million customers.