Securities and Exchange Board of India has approved a change of control at RBL Bank, the lender said on Thursday, in connection with a proposed deal that would see Emirates NBD acquire a majority stake in the bank.
The approval marks a significant regulatory milestone for one of the largest cross-border transactions in India’s financial sector. Emirates NBD had earlier announced plans in October 2025 to acquire a 60 per cent stake in RBL Bank in a deal valued at approximately $3 billion.
A change of control in a listed company involves a shift in the ability to appoint directors and influence management decisions, and requires prior approval from SEBI. According to the bank’s regulatory filing, the approval was granted through a letter.
RBL Bank stated that the proposed transaction remains subject to additional regulatory approvals and fulfilment of certain conditions before completion.
Earlier this month, Reserve Bank of India had also approved the deal, allowing Emirates NBD to acquire up to 74 per cent of RBL Bank’s share capital, subject to a minimum holding of 51 per cent, while capping voting rights at 26 per cent.
Following the completion of the transaction, RBL Bank is expected to be classified as a foreign bank subsidiary, with Emirates NBD as its parent entity. The bank will then operate under the regulatory framework applicable to wholly-owned foreign subsidiaries in India.
The deal has already received clearance from India’s competition regulator earlier in January, further advancing the transaction towards completion.
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