Emirates NBD Bank PJSC is set to acquire majority control of RBL Bank through a capital infusion of about Rs 15,000 crore ($1.7 billion), which will recapitalise the lender and give the UAE-based bank
a controlling stake, The Economic Times reported.
According to the report, the deal is in its final stages and will involve a preferential allotment of equity shares and warrants, followed by an open offer to acquire an additional 26% stake. Once completed, Emirates NBD is expected to hold around 51% of RBL Bank’s expanded equity base. The Reserve Bank of India (RBI) has already granted in-principle approval for the change in control, ET said.
The entire capital infusion will come via a primary issuance, which will strengthen RBL Bank’s balance sheet after a 46% year-on-year decline in net profit for Q1 FY26. The bank’s profit fell to Rs 200.33 crore in the June 2025 quarter from Rs 371.52 crore a year earlier. Net Interest Income dropped 13% to Rs 1,481 crore, while the Net Interest Margin contracted to 4.5%. Gross NPAs rose to 2.78% from 2.6%, and net NPAs climbed to 0.45% from 0.29%.
RBL Bank attributed the decline to pressure in its credit card portfolio and said it was recalibrating unsecured lending to stabilise asset quality. The bank noted that liability growth remains steady.
For Emirates NBD, the acquisition represents a major push to expand its footprint in Asia and tap into the India–Middle East remittance corridor. RBI data shows Indians in GCC countries account for nearly half of the global Indian migrant population, with the UAE alone contributing about half of the $38.7 billion in remittances India received from the Gulf in FY24 — making it the second-largest source of foreign remittances for the country.
Headquartered in Kolhapur, RBL Bank is fully publicly owned with no single controlling shareholder. Its board is scheduled to meet on October 18 to review Q2 results, with a formal announcement of the Emirates NBD deal expected on or before that date, ET reported.
