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The Government of India has granted a major regulatory clearance for Dubai-based Emirates NBD to acquire a controlling stake in RBL Bank.
The Indian Ministry of Finance approved Emirates NBD to acquire up to 74% of RBL Bank.
KEY POINTS
- The $3 billion deal is the largest-ever FDI in India's financial services sector.
- Emirates NBD will initially gain up to 60% control through a preferential allotment of new shares.
- Emirates NBD will merge its Indian branches into RBL Bank, consolidating their balance sheets.
- The acquisition still requires final Reserve Bank of India approval and closing conditions.
COMPANIES
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