Emirates NBD officially acquires 60% stake in RBL Bank for $2.75 billion; Fadnavis says deal signals global confidence in India

Emirates NBD and RBL Bank on Thursday announced the completion of Emirates NBD’s acquisition of a majority stake in the Indian lender through a primary capital infusion of about $2.75 billion (₹26,000 crore). Maharashtra Chief Minister Devendra Fadnavis described the deal as a historic milestone for India's banking sector, saying the transaction reflects growing global confidence in the country's economy and financial system.

Speaking at an event marking the completion of the deal, Fadnavis said the partnership between the UAE's largest lender and the Mumbai-headquartered private sector bank was more than a financial transaction and represented a deepening of economic ties between India and the United Arab Emirates.

"This is not merely an exchange of papers. It is creating history," Fadnavis said, referring to the transaction that involved a primary capital infusion of about $2.75 billion by Emirates NBD into RBL Bank.

The deal marks the largest foreign direct investment in India's banking sector and the first acquisition of a majority stake in a profitable Indian bank by a foreign lender. Following the completion of the transaction, Emirates NBD now holds a 60% stake in RBL Bank.

Fadnavis said the investment demonstrates the strength of India's growth story and the increasing strategic partnership between India and the UAE. He credited the growing bilateral relationship to sustained engagement between the leadership of the two countries and said the transaction could pave the way for similar investments in the future.

The chief minister also noted that the deal could encourage more foreign banks to forge partnerships with Indian lenders, helping strengthen the domestic banking system and support economic growth.

Highlighting Maharashtra's role in India's economy, Fadnavis said the state contributes about 14% to the country's GDP and attracts nearly 40% of total foreign direct investment inflows. He added that Mumbai's position as India's financial capital made it a natural venue for such landmark transactions.

Fadnavis said the capital infusion would significantly enhance RBL Bank's ability to expand its business and product offerings. He noted that the bank would also benefit from the backing of Emirates NBD, which has assets of over $330 billion globally.

The chief minister also invited the bank to participate in financing infrastructure projects in Maharashtra, pointing to a project pipeline worth nearly $100 billion.

Emirates NBD and RBL Bank announced the completion of the transaction after receiving all regulatory approvals. The partnership is expected to strengthen RBL Bank's capital base and support its next phase of growth and expansion.