Emirates NBD has obtained the remaining regulatory and government clearances needed for its planned purchase of a controlling stake in RBL Bank, after receiving approval from the Government of India.
The transaction, first announced in October 2025, involves an investment of about $3bn, equivalent to roughly Rs268.5bn.
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The bank said the approvals reflect the “strong bi-lateral relationship between the UAE and India”.
Emirates NBD has identified India as an important market in its broader plan to expand its international business across the Middle East, North Africa, Türkiye and South Asia.
It said that acquiring a presence in India through RBL Bank would add to its capacity to serve clients in the UAE and across its broader network.
Emirates NBD will acquire up to 959,045,636 fully paid equity shares of RBL Bank at Rs280 per share through a preferential issue, the Indian lender said in an exchange filing.
This initial subscription represents approximately 60% of RBL Bank’s expanded paid-up share capital.
Depending on regulatory foreign ownership caps and the outcome of a mandatory open offer, Emirates NBD’s final stake in the bank is projected to settle between 51% and 74%.
Last month, the Dubai-based lender received Reserve Bank of India approval to purchase up to 74% of RBL Bank’s paid-up equity.
Once that threshold is met, RBL would be classified as a foreign bank operating via a subsidiary structure, with the Dubai-based bank as the overseas parent.
However, Emirates NBD’s voting rights in RBL would be restricted to 26%, even if the share purchase is completed.
The lender was also given an exemption from the “single mode of presence” rule until its Indian branches are combined with RBL or for a period of up to one year, whichever comes first.
The Reserve Bank of India’s approval remains valid for one year and depends on government clearance for any investment above 49% under the approval route, as well as adherence to relevant rules.
Earlier this year, the Reserve Bank of India allowed Asia II Topco XIII, a Singapore-based Blackstone affiliate, to acquire as much as 9.99% of Federal Bank’s paid-up capital or voting rights.
