The board of Emirates NBD Bank (P.J.S.C.) (“ENBD”) and RBL Bank at their respective meetings held today, approved entering into definitive agreements for ENBD to acquire controlling stake in RBL Bank through a primary infusion of approximately $3 billion (~Rs 26,850 crore).

Emirates NBD is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. ENBD is a public joint stock company incorporated in the United Arab Emirates (“UAE”) and is currently listed on the Dubai Financial Market with a market capitalization of ~US$ 43 billion, as of 15 th October 2025. ENBD is 56% owned by the Dubai Government via Investment Corporation of Dubai and Dubai Holding Group.

The proposed investment will be made via a preferential issue of up to 60% and will be subject to regulatory approvals and other customary closing conditions. As part of this transaction, ENBD will also make a mandatory open offer for the purchase of up to 26% stake from the public shareholders of RBL Bank, in accordance with SEBI’s Takeover Regulations.

Emirates NBD Bank (P.J.S.C.), Dubai’s largest bank, has announced an open offer to acquire up to 26% of RBL Bank’s expanded voting share capital at Rs 280 per share, valuing the deal at Rs 11,636.42 crore if fully subscribed.

The preferential issue, along with the open offer, could raise the Dubai-based lender’s total holding to as much as 74%, subject to regulatory approvals and shareholding caps under Indian banking and foreign investment laws.

The board of ENBD and RBL Bank also approved the amalgamation of the India branches of ENBD with and into RBL Bank as required by RBI guidelines. This amalgamation is expected to be completed after the execution of the preferential issuance into RBL Bank.

RBL Bank will be able to capitalise on ENBD’s strong credit rating and its established relationships with companies, banks, and financial institutions across India. Conversely, ENBD would gain from the enhanced market presence afforded by RBL Bank’s extensive pan-India network and its expanding business franchise.

Meanwhile, RBL Bank announced its Q2 results on 18 October 2025. Its net profit fell 20% year-on-year to Rs 179 crore in Q2 FY26. PAT was impacted by MTM of Rs 44 crore (pre-tax) on unlisted equities basis their latest audited financial statements.

Net interest income was down 4% YoY to Rs 1551 crore during the quarter. Operating profit for Q2 FY26 fell 20% YoY to Rs 728 crore.

Gross NPA ratio as at 30th September 2025 was 2.32% vs 2.78% as at 30th June 2025. Net NPA ratio as at 30th September 2025 was 0.57% vs. 0.45% as at 30th June 2025. Provision Coverage Ratio including technical write offs was 92.74%.

RBL Bank is a private sector bank, providing a comprehensive suite of banking products and services across retail, wholesale, and corporate banking segments.

As of 30 September 2025, the bank has 1,911 total touchpoints of which 564 are bank branches and 1,347 business correspondent branches. Of 1,347 BC branches, 283 are banking outlets.