The Reserve Bank of India (RBI) has approved the Scheme of Amalgamation integrating the Indian branch network of Emirates NBD (ENBD) Bank into RBL Bank, establishing an effective operational date of 1 December 2026.
From that date, all existing Indian branches of Emirates NBD Bank will operate as branches of RBL Bank.
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The structural consolidation reflects ENBD UAE’s strategy to increase its operational focus within the Indian banking market, the statement said.
Under the executed investment agreement, Emirates NBD has acquired 60% of the total paid-up equity share capital of RBL Bank via a preferential issuance.
This preferential issue legally obligates ENBD UAE to launch an open offer to acquire open offer shares.
Total equity secured through the combined preferential issue and open offer cannot breach the 74% ceiling on RBL Bank’s total paid-up equity share capital.
The RBI has sanctioned ENBD UAE to hold up to 74% of RBL Bank’s paid-up equity. Crossing that benchmark will formally classify RBL as a foreign bank functioning through a subsidiary framework under its overseas Dubai-based parent entity.
However, Emirates NBD’s voting rights in RBL will remain statutorily capped at 26%, regardless of whether the equity acquisition reaches the sanctioned maximum.
In February, the RBI permitted Asia II Topco XIII, a Singapore-based Blackstone affiliate, to take up to 9.99% of Federal Bank’s paid-up capital or voting rights.
Sumitomo Mitsui Banking Corporation raised its holding in Yes Bank by 20% in May 2025 and by a further 4.2% in September.
