Emirates NBD Bank Receives RBI Approval to Acquire 74% Stake in RBL Bank

RBL Bank Limited has informed the exchange that Emirates NBD Bank (P.J.S.C) has received the approval of the Reserve Bank of India (RBI) to acquire an aggregate of up to 74% of the paid-up share capital of the Bank. The RBI Approval provides that Emirates NBD Bank shall acquire and maintain a shareholding of at least 51% of the paid-up share capital of the Bank and the Bank shall be classified as a foreign bank in subsidiary mode. The Investor is exempted from the requirement of single mode of presence until the Indian branches of the Investor are amalgamated with the Bank, or within one year, whichever is earlier. The RBI Approval is subject to receipt of necessary approval from Government of India for investment beyond 49% in the Bank under the approval route and compliance with various regulations and guidelines.