Dubai-based Emirates NBD is set to take majority control of RBL Bank after securing the last remaining approval it needed — the Government of India’s sign-off. With that, every regulatory and governmental clearance required to close the deal is now in place. The acquisition, worth approximately USD 3 billion, is the largest equity fundraise in Indian banking history and the first time a foreign bank has successfully acquired a majority stake in a profitable Indian private sector bank.
The deal was first announced on 18 October 2025. Emirates NBD will invest roughly INR 268.5 billion into RBL, subscribing to up to 959,045,636 fully paid equity shares at ₹280 per share through a preferential issue. That translates to approximately 60% of RBL Bank’s post-issue paid-up share capital. The final shareholding is expected to settle between 51% and 74%, depending on foreign ownership compliance requirements and the outcome of the mandatory open offer process.
For India, this is not just a large cheque. It signals that foreign institutional capital is now willing to take operational control — not just a passive stake — in an Indian bank. That is a meaningful shift, and one that reflects growing confidence in India’s regulatory environment and its long-term economic trajectory.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, said: “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. The successful accomplishment of this milestone acquisition underscores the strategic and long-standing relationship with the country, mirroring the UAE’s own strategic and business cooperation. We look forward to expanding our presence in the nation and serving our customers by unlocking the next chapter of Emirates NBD’s growth and impact.”
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD, said: “Approval of the Government of India marks an important milestone for Emirates NBD, and we are grateful to the Government and the regulatory institutions who have engaged with this transaction, making it possible for us to commence the integration of RBL Bank into the wider Group. We especially thank the UAE’s wise leadership, inspired by their vision of accelerating growth, economic diversification and global competitiveness. Emirates NBD is committed to being a long-term partner in India’s growth, bringing capital, capability and connectivity to support the opportunities ahead.”
Shayne Nelson, Group CEO, Emirates NBD, said: “We are pleased to have received the Government of India’s approval for Emirates NBD’s landmark acquisition of RBL Bank. We thank the Government and regulatory institutions involved in the transaction for their engagement and oversight during this process. This moment also reflects the strategic vision of the UAE’s leadership, which has long recognised India’s potential and championed deeper economic ties between our two nations. 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.”
Beyond the numbers, the deal carries a clear strategic logic. Emirates NBD has been expanding across the Middle East, North Africa, Türkiye and South Asia — a region it now refers to as MENATSA. India sits at the heart of that ambition. A large and growing Indian middle class, deep trade ties between India and the Gulf, and significant remittance and wealth flows between the two countries make RBL Bank a natural anchor for Emirates NBD’s South Asia strategy.
Once the transaction closes, Emirates NBD’s existing India branch operations in Mumbai, Chennai, and Gurugram will eventually be folded into RBL Bank, subject to further regulatory clearances. Emirates NBD will then be classified as RBL Bank’s promoter, with RBL operating as a foreign bank subsidiary under the Reserve Bank of India’s regulatory framework.