Dubai’s Emirates NBD to buy 60% stake in India’s RBL Bank for $3bn

Image credit: Dubai Media Office/Website

Middle Eastern bank Emirates NBD will buy a 60 per cent stake in Indian private lender RBL Bank for $3bn, in the largest cross-border acquisition in India’s financial sector.

Emirates NBD will invest INR268.5bn Indian rupees ($3.05bn) in the bank through a preferential issue of shares, RBL Bank said in a statement to exchanges.

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The deal is among a series of cross-border deals in India this year, and comes months after Japan’s Sumitomo Mitsui Banking Corporation’s move to buy up to 25 per cent of Yes…