Banking & Finance Emirates NBD in race to buy stake in India’s IDBI Bank By Pramod Kumar August 5, 2024, 4:11 AM Reuters/Adnan Abidi An IDBI Bank branch in New Delhi. The bids for IDBI are expected to be called before the close of the financial year Emirates NBD, Dubai’s biggest bank by assets, is among three suitors shortlisted to acquire a majority stake in India’s IDBI Bank. The Indian government intends to privatise the lender, according to a local media report. Canada’s Fairfax Financial Holdings and India’s Kotak Mahindra Bank have also received clearance from the Indian central bank, CNBC-TV18, an Indian news channel, reported, citing two informed sources. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week The report said that Kotak might not pursue the acquisition, with Emirates NBD likely to surprise with a “decent bid”. The bids for IDBI Bank are expected to be called before the close of the financial year ending March 2025. From taxes to FDI rules – how India’s budget affects the Gulf Loan growth pushes Emirates NBD profit up 12% to $4bn Emirates NBD invests in Swiss fintech The Indian government and state-backed Life Insurance Corporation collectively own around 95 percent of IDBI Bank. They intend to sell 61 percent of their combined stake. The buyers will also get management control of the lender, the report said. Emirates NBD operates three branches in India with assets totalling Rs631 billion ($753 million) last year. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
