Dubai's Emirates NBD to buy 60% stake in India's RBL Bank for $3 billion

Mumbai: Middle Eastern bank Emirates NBD will buy a 60% stake in Indian private lender RBL Bank, according to an exchange notification.

Emirates will invest 268.53 billion Indian rupees ($3.05 billion) in the bank through a preferential issue of shares, the statement from RBL Bank said.

The deal is the largest by a Middle Eastern bank in India, and comes months after Japan's Sumitomo Mitsui Banking Corporation's move to buy up to 25% of Yes Bank.

RBL Bank said the deal is subject to regulatory approvals. The Reserve Bank of India, the country's banking regulator, has informally communicated its backing for the deal, Reuters has reported.

($1 = 87.9740 Indian rupees)