RBL Bank change of control approved for Emirates NBD stake deal
Updated
Updated · Reuters · Apr 30
RBL Bank change of control approved for Emirates NBD stake deal
10 articles · Updated · Reuters · Apr 30
SEBI cleared the move in an April 29 letter, advancing Emirates NBD's proposed $3 billion purchase of 60% of the Mumbai-based lender.
RBL said the transaction still needs other conditions and approvals, though India's central bank cleared a structure allowing Emirates NBD to own up to 74%, with voting rights capped at 26%.
India's competition regulator approved the deal in January. After completion, RBL would become a foreign bank subsidiary under rules for wholly owned foreign subsidiaries, making it a major cross-border financial-sector transaction.
With multiple regulatory hurdles cleared, what challenges remain before RBL Bank fully transitions to a foreign-owned subsidiary under Emirates NBD?
Could this landmark deal signal a shift in India's approach to foreign control in core financial institutions, and what risks or rewards might follow?