Emirates NBD has announced a $3 billion deal to acquire a 60% stake in India's RBL Bank, with an open offer that could lift its holding to as much as 74%, in what is being described as the largest ever foreign direct investment in the Indian financial services sector and the largest equity raise in the history of Indian banking. The transaction was disclosed on 18 October 2025.
The deal will be executed in two stages. Emirates NBD will acquire an initial stake of up to 60% through a preferential issue of new shares in RBL Bank, giving the acquirer a controlling interest through a primary capital injection into the Indian lender. The transaction structure also includes a mandatory open offer for an additional 26%, which could bring the total holding to as much as 74% depending on the level of shareholder participation in the open offer process.
BRANCH NETWORK TO MERGE INTO RBL
As part of the broader transaction, Emirates NBD will amalgamate its existing Indian branch operations — located in Mumbai, Gurugram and Chennai — directly into RBL Bank.
RBL Bank operates across retail, small business, and corporate banking segments.
SIZE OF THE DEAL
The $3 billion commitment is described as the largest foreign direct investment in Indian financial services. The preferential issue is described as the largest equity raise in Indian banking.
Emirates NBD, which is majority-owned by the government of Dubai, has previously expanded across the Middle East, Egypt, and Turkey.