By Admin 
RBL Bank News: A big deal is going to happen between private sector bank RBL and Emirates NBD Bank in the country. UAE lender is going to buy 60 percent stake in RBL. This deal will be for about 3 billion dollars (about Rs 26,850 crore). This is considered to be the biggest deal so far in the private sector banking of the country. The boards of RBL Bank and Emirates NBD approved this deal at their respective levels on Saturday.
This investment, made through preferential allotment of up to 60 percent, is subject to the approval of the Reserve Bank of India (RBI), shareholders and other regulatory bodies. Under SEBI’s takeover regulations, Emirates will also make an open offer to acquire up to 26 per cent stake from public shareholders. As per RBI guidelines, once the preferential issue is completed, Emirates will become the promoter of RBL and will also gain control over it.
This deal is considered to be one of the largest foreign investments made so far in the country’s banking sector. Emirates NBD said that this investment reflects their long term commitment towards India. It reflects India’s growing importance within the India-Middle East-Europe Economic Corridor (IMEC) and strengthens the India-UAE comprehensive economic partnership.
Also read:
Problems increased due to RBI’s new check clearing system! It’s taking 10 to 12 days instead of the same day.