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Emirates NBD eyes RBL Bank majority
Mint Mumbai
|October 14, 2025
If deal closes, the Dubai govt entity may hold 51% in the lender

RBL Bank does not have a promoter and is fully owned by public shareholders.
Dubai's Emirates NBD Bank PJSC is in talks to buy a controlling stake in Indian private lender RBL Bank Ltd for over $1 billion, two people with direct knowledge of the discussions said.
"Emirates NBD Group is likely to acquire around 26% stake in RBL Bank from institutional investors, and then make an open offer for another 25%," one of the persons said. If the transaction concludes successfully, the Dubai government entity will end up holding around 51% stake in the domestic lender.
Global investment bank JP Morgan is advising Emirates NBD on the deal.
The discussions underscore multinational financial firms' growing fascination with India. Japan's Sumitomo Mitsui Banking Corp. recently acquired a 20% stake in Yes Bank and Mizuho Financial Group is said to be looking to acquire financial services firm Avendus.
However, the Reserve Bank of India, if it approves the Emirates-RBL deal, is likely to cap the voting rights of the Dubai entity at 26% due to “regulatory requirements,” the second person said.
An RBI circular in January 2023 said no bank shareholder can exercise voting rights above 26%. Normally, non-promoters—individuals or non-financial institutions—can buy up to 10% in a bank, while financial institutions can buy up to 15%. However, RBI “may also permit higher shareholding on a case-to-case basis”, it said in the circular cited above.
Queries emailed to Emirates NBD and RBL Bank remained unanswered, while a JP Morgan spokesperson declined to comment.
This story is from the October 14, 2025 edition of Mint Mumbai.
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