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The Reserve Bank of India has approved the Amalgamation of Indian branches of Emirates NBD Bank P.J.S.C. (Transferor Bank) with RBL Bank Limited (Transferee Bank). The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949. The effective date of the amalgamation shall be December 01, 2026.
All the Indian branches of Emirates NBD Bank P.J.S.C. will function as branches of RBL Bank Limited with effect from December 01, 2026.
Emirates NBD Bank is a government-owned banking group based in Dubai and ranks as the second-largest bank in the United Arab Emirates (UAE). Formed through a strategic merger between the National Bank of Dubai and Emirates Bank International in 2007, it operates as a major multinational financial institution spanning 13 countries and serving over 9 million active customers across the Middle East, Europe, and Asia.
Emirates NBD’s retail and corporate presence in India consists of three branches located in Mumbai, Gurugram, and Chennai. These operations represent about $1 billion in total business volume, which will now seamlessly consolidate into RBL Bank’s $20 billion network.
A few months ago, Emirates NBD Bank (the largest banking group in Dubai) purchased a majority controlling stake in RBL Bank. Emirates NBD completed the purchase of a 60% stake in RBL Bank on June 18, 2026.
The transaction was executed via a ₹26,000 crore ($2.75 billion) primary capital infusion along with a mandatory public open offer. This stands as the largest foreign direct investment (FDI) in the history of the Indian banking sector. This was the first time regulatory authorities allowed a foreign bank to acquire a majority controlling stake in a profitable, listed Indian private-sector bank.
The corporate buyout was first announced in October 2025 and received approval from the Competition Commission of India (CCI) in January 2026. The Finance Ministry approved an acquisition limit of up to 74%, and the initial 60% controlling stake was officially completed on June 18, 2026. The final branch physical integration will take effect on December 1, 2026.
Emirates NBD has operated a representative financial presence in India since March 2000, launching its first commercial retail branch in Mumbai in July 2017 before expanding to Gurugram and Chennai. On December 1, these three high-value metro branches will stop operating under the Dubai name and will completely transition into full-service branches of RBL Bank Limited.
RBL Bank’s board has also approved the appointment of five nominee directors from Emirates NBD to serve as non-executive, non-independent directors to oversee operations.
