Emirates NBD has entered into a definitive agreement to acquire a majority stake of approximately 60% in RBL Bank in India through a primary infusion of up to USD 3 billion.
This milestone marks a significant step in strengthening our presence in India and reflects our long-term commitment to one of the world’s most dynamic banking markets.
The transaction represents several firsts for India’s financial services sector, including:
• Largest-ever foreign direct investment in India’s financial services sector
• Largest-ever equity fundraise in India’s banking sector
• Largest fundraise via preferential issuance by a listed company in India
• First majority acquisition of a profitable Indian bank by a foreign bank
The proposed investment will be made via a preferential issue of up to 60% and will be subject to regulatory approvals and other customary closing conditions. As part of this transaction, ENBD will also make a mandatory open offer for the purchase of up to 26% stake from the public shareholders of RBL Bank, in accordance with SEBI’s Takeover Regulations.
The Board of Directors of ENBD and RBL Bank also approved the amalgamation of the India branches of ENBD 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.
This investment reflects ENBD’s confidence in India’s fast-growing financial sector, reinforcing India’s strategic importance within the India-Middle East-Europe Economic Corridor (IMEC) and marking an important chapter in the economic partnership between India and the UAE.
The transaction brings together ENBD’s strong capital base and regional franchise with RBL Bank’s established presence and extensive distribution across India. The infusion 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.
