Emirates NBD sees India as key growth market after RBL deal closure
Mumbai: Emirates NBD officially completed on Thursday ₹With the Rs 26,015 crore acquisition of 60% stake in RBL Bank, the Dubai-based lender identifies India as one of the most important growth markets for global financial institutions in the coming decades.
The transaction, the largest foreign direct investment in the Indian banking sector, makes Emirates NBD a backer of the private lender.
Speaking at a ceremony in Mumbai, Emirates NBD group chief executive Shayne Nelson said India was “uniquely positioned” in the bank’s emerging markets strategy, alongside the UAE, Saudi Arabia, Egypt and Turkey.
He cited India’s rising incomes, urbanization, digital infrastructure and young population as key drivers of long-term growth. “So today’s investment is not an entry into India…This is a deepening of our commitment to India,” Nelson said.
He emphasized the bank’s intention to remain invested for the long term, adding: “We are not a private equity firm, we are a long-term investor.”
As part of the transfer of ownership, RBL Bank’s board of directors appointed five Emirates NBD directors as non-executive, non-independent directors effective June 18, according to the regulatory filing.
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 asset management Marwan Hadi.
RBL Bank Managing Director and Chief Executive Officer R. Subramaniakumar said the deal goes beyond capital. “We’re not just marking the completion of a transaction. We’re laying the foundations for a stronger institution, a deeper partnership and a bold new RBL Bank,” he said.
The deal, first announced in October 2025, saw Emirates NBD acquire 929.1 million shares. ₹280 per person to become the promoter of RBL. In April, the Reserve Bank of India approved Emirates NBD’s acquisition of up to 74% stake in RBL Bank.
The market value of Emirates NBD, traded on the Dubai financial market, was $52 billion as of June 17. 56% of Emirates NBD is owned by Investment Corp. of Dubai and is owned by the Dubai government through the Dubai Holding Group.
In May 2025, the RBI gave in-principle approval to Dubai bank to set up a wholly owned subsidiary in India. India allows foreign banks to operate as branches or wholly owned subsidiaries of the parent company. All but two (DBS Bank India and SBM Bank India) operate as branches. The local unit gives the bank more flexibility than the branch. The central bank prefers foreign banks operating subsidiaries rather than branches in India.
