In an exchange filing on Friday, RBL Bank said Emirates NBD Bank PJSC received a communication from the Ministry of Finance’s Department of Financial Services on May 14 approving the proposed acquisition under the amended investment agreement signed in October 2025.
The approval also covers the proposed amalgamation of Emirates NBD’s India operations into RBL Bank, paving the way for one of the largest cross-border investments in India’s banking sector.
The transaction involves Emirates NBD subscribing to fresh RBL Bank shares at ₹280 apiece through a preferential allotment. The proposed issue includes up to 95.91 crore fully paid-up equity shares, or a lower number equivalent to 60% of the post-issue equity capital, subject to adjustments under the investment agreement.
The deal remains subject to fulfilment of customary conditions precedent and is expected to close during the first quarter of FY27.
Once completed, Emirates NBD will gain management control of RBL Bank, which will subsequently be classified as a wholly-owned foreign bank subsidiary under Indian banking regulations.
The approval from the Centre follows earlier clearances from the Reserve Bank of India in April, the Securities and Exchange Board of India at the end of April, the UAE regulator in March, and India’s competition watchdog in January.
Also Read: India’s markets regulator approves change of control at RBL Bank in Emirates NBD stake deal
The development comes shortly after RBL Bank reported a sharp improvement in its Q4 earnings. Net profit rose multifold to ₹230 crore from ₹68.7 crore a year earlier, supported by stronger income growth and improving asset quality.
Net interest income grew 6.9% year-on-year to ₹1,670.7 crore, while operating profit rose 11% to ₹955 crore. Asset quality strengthened further, with gross non-performing assets declining to 1.45% from 1.88% in the previous quarter, while net NPA eased to 0.39%.
The bank also said the share of unsecured loans in its overall portfolio declined sequentially during the quarter, signalling a continued focus on balance sheet quality.
