NEW DELHI: India’s RBL Bank sees an opportunity to start a wealth management business after Emirates NBD buys a 60 percent stake for $3 billion, Chief Executive R Subramaniakumar said on Sunday.
The Middle Eastern bank will invest 268.53 billion rupees (USD3.05 billion) in the private lender through a preferential issue of shares in the deal announced on Saturday, the largest cross-border acquisition in the Indian financial sector.
The deal is the latest in a series of cross-border deals in India this year as India seeks to attract foreign investment and strengthen the country’s midsize banks. Months earlier Japan’s Sumitomo Mitsui Banking Corp moved to buy up to 25 percent of Yes Bank.
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