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Emirates NBD in race to buy stake in India’s IDBI Bank

By Pramod Kumar
An IDBI Bank branch in New Delhi. The bids for IDBI are expected to be called before the close of the financial year 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.

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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.

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.

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