Emirates NBD sees India as key growth market after RBL deal closure
Mumbai: Emirates NBD on Thursday formally completed its ₹26,015-crore acquisition of a 60% stake in RBL Bank, with the Dubai-based lender describing India as one
Mumbai: Emirates NBD on Thursday formally completed its ₹26,015-crore acquisition of a 60% stake in RBL Bank, with the Dubai-based lender describing India as one of its most important growth markets for global financial institutions over the coming decades. The transaction, the largest foreign direct investment in India's banking sector, makes Emirates NBD the promoter of the private lender. Speaking at a ceremony in Mumbai, Emirates NBD group chief executive officer Shayne Nelson said India holds a "unique position" in the bank's emerging markets strategy, alongside the UAE, Saudi Arabia, Egypt and Turkey.
He cited India's rising incomes, urbanisation, digital infrastructure and young population as key drivers of long-term growth. "Today's investment is therefore not an entry into India…It is a deepening of our commitment to India," Nelson said. Also Read | Emirates NBD-RBL deal signals floodgate of foreign investment Emphasising the bank's intent to stay invested for the long haul, he added, "We are not a private equity company, we are a long-term investor." As part of the ownership transition, RBL Bank's board has appointed five Emirates NBD executives as additional non-executive, non-independent directors, effective 18 June, according to a regulatory filing.
The appointees include Nelson, group chief financial officer Patrick Sullivan, group head of strategy, analytics and venture capital Neeraj Makin; group chief risk officer Manoj Chawla and group head of retail banking and wealth management Marwan Hadi. R. Subramaniakumar, managing director and chief executive, RBL Bank, said the deal went beyond capital. "We are not merely marking the completion of a transaction. We are laying the foundation for a stronger institution, deeper partnership and bold new RBL Bank," he said. The deal, first announced in October 2025, saw Emirates NBD acquire 929.1 million shares at ₹280 apiece to become RBL's promoter.
In April, the Reserve Bank of India approved Emirates NBD's acquisition of up to 74% of RBL Bank. Emirates NBD, listed on the Dubai financial market, had a market capitalization of $52 billion, as of 17 June. Emirates NBD is 56% owned by the Dubai government through the Investment Corp. of Dubai and Dubai Holding Group.
The BriefWire