RBI approves Emirates NBD India branch merger with RBL Bank

The Reserve Bank of India has sanctioned the amalgamation of Emirates NBD Bank's Indian branches with RBL Bank Limited, with an effective date of December 1, 2026. Following the merger, all Indian branches of Emirates NBD Bank will operate as branches of RBL Bank, according to an RBI statement issued on October 16, 2026.

Merger follows $2.75 billion acquisition#

The amalgamation follows Emirates NBD's acquisition of a 60 percent stake in RBL Bank, which closed on June 18, 2026. The acquisition involved a primary capital infusion of approximately $2.75 billion, equivalent to around Rs 26,000 crore. Emirates NBD acquired its majority position through a preferential allotment of shares in RBL Bank's expanded share capital, according to a joint statement from the companies. The mandatory open offer was completed as part of the transaction.

Transaction structure and regulatory basis#

The transaction was announced initially in October 2025. Regulatory approvals and closing conditions were fulfilled before completion in June 2026, according to the joint statement. The RBI sanctioned the amalgamation under the provisions of the Banking Regulation Act, 1949. The companies' joint statement described the deal as India's largest foreign direct investment in banking, the largest equity fundraise by an Indian bank, and the first foreign acquisition of a majority stake in an Indian bank by a foreign bank. The RBI statement did not provide details on changes to customer services or operational arrangements following the December 1 effective date.

Capital infusion and implementation timeline#

The primary capital infusion of $2.75 billion was structured through the preferential allotment mechanism. The December 1 merger date was specified in the RBI's sanction order issued under banking regulation provisions. Emirates NBD's 60 percent stake was acquired in RBL Bank's expanded share capital following the capital raise. The RBI statement confirmed that Indian branches of Emirates NBD Bank will function as RBL Bank branches from the effective date.