Share

Emirates NBD, one of the top banks of the United Arab Emirates, which is also the second largest lender in the UAE, is in a race with two other bidders to acquire a majority stake in India’s IDBI Bank. Emirates NBD has three branches operating in India.

The Reserve Bank of India has issued the ‘fit & proper’ certificate to Emirates NBD, Canada’s Fairfax Financial Holdings, and India’s Kotak Mahindra Bank. The bids for IDBI Bank are likely to be called before March 2025.

The government of India owns 45.48% and Life Insurance Corporation of India (LIC) holds 49.24% in IDBI Bank. So, the plan is to sell 60.7% of the lender. The government proposes to keep about 15% stake and LIC another 19% after the deal. – editor@nrifocus.com

Share