RBL Bank Allots ₹26,016 Crore Shares to Emirates NBD, UAE Lender Acquires 60% Stake

Mumbai, June 18, 2026: RBL Bank Limited has approved the allotment of equity shares worth approximately ₹26,015.77 crore to Emirates NBD Bank (P.J.S.C.), marking one of the largest foreign investments in India's banking sector. The transaction gives the Dubai-based lender a 60% stake in RBL Bank and paves the way for significant changes in the bank's board composition.

The decision was approved by the Board of Directors at its meeting held on June 18, 2026. Under the preferential issue on a private placement basis, RBL Bank allotted 92.91 crore fully paid-up equity shares with a face value of ₹10 each at an issue price of ₹280 per share, including a premium of ₹270 per share.

Paid-Up Capital Rises to ₹1,548.56 Crore

Following the allotment, RBL Bank's paid-up equity share capital increased from ₹619.42 crore to ₹1,548.56 crore, comprising 154.86 crore equity shares. Emirates NBD, which previously held no stake in the bank, has now emerged as the promoter and majority shareholder with a 60% holding.

The investment is expected to strengthen RBL Bank's capital base and accelerate its long-term growth strategy while deepening Emirates NBD's presence in the Indian financial services market.

Board Reconstituted With Five Emirates NBD Nominees

As part of the ownership transition, the Board approved the appointment of five additional non-executive, non-independent directors representing Emirates NBD. The newly inducted directors are:

• Shayne Keith Nelson, Group Chief Executive Officer, Emirates NBD.

• Patrick John Sullivan, Group Chief Financial Officer, Emirates NBD.

• Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital, Emirates NBD.

• Manoj Chawla, Group Chief Risk Officer, Emirates NBD.

• Marwan Mahmood Mohammad Hadi, Group Head – Retail Banking and Wealth Management, Emirates NBD.

The appointments are effective from June 18, 2026, subject to shareholder approval and applicable regulatory requirements.

Existing Directors Step Down

The Board also took note of the resignation of Gopal Jain and Veena Mankar as Non-Executive Non-Independent Directors with effect from the conclusion of the board meeting.

According to their resignation letters, Ms. Veena Mankar stepped down to facilitate the board reorganization, while Mr. Gopal Jain cited professional commitments in addition to supporting the restructuring process. Both directors confirmed that there were no other material reasons for their resignations.

Strengthening India-UAE Banking Ties

The acquisition marks a significant milestone in India-UAE financial cooperation and provides Emirates NBD with a strategic foothold in one of the world's fastest-growing banking markets. The move is expected to bring global banking expertise, digital innovation, and enhanced capital strength to RBL Bank as it seeks to expand its retail and corporate banking franchise.

About Emirates NBD

Emirates NBD is one of the leading banking groups in the Middle East, with assets exceeding AED 1.2 trillion and operations across multiple countries. The bank has steadily expanded its international presence and is recognized for its leadership in digital banking and financial innovation.