Factbox: Large cross-border deals in India's financial sector this year

Federal Bank

14/10/2026 13:59

Adds details on IDBI deal
By Gopika Gopakumar
MUMBAI, Oct 14 (Reuters) - India's financial sector has seen several large deals in 2026, including rare acquisitions of significant stakes in Indian lenders by foreign banks.
Mergers and acquisitions worth $2.3 billion were completed in the sector between July 1 and September 30, 2026, up 54% from a quarter earlier, according to data from Grant Thornton.
Here are the key facts about some major deals:

IDBI - Fairfax Financial Holdings
Canada's Fairfax Financial Holdings will pick up a 60.7% stake in IDBI bank IDBI.NS for 528.78 billion Indian rupees  ($5.56 billion), marking the largest cross-border investment in India's financial sector.
Fairfax will offer 81 rupees per share for IDBI Bank, above the benchmark price of 75.99 per share determined by the government based on fair valuations.

        Bank of America - Jio Credit
Bank of America entered into a joint venture agreement to pick up 49.9% stake in Jio Credit, the lending arm of Jio Financial Services JIOF.NS in August this year in a deal valued around $1.92 billion  

MUFG - SHRIRAM FINANCE 
Japan's MUFG 8306.T will pick up a 20% stake in Shriram Finance SHMF.NS for $4.4 billion.

EMIRATES NBD - RBL BANK

        In October, Dubai-based bank Emirates NBD ENBD.DU said it will buy a 60% stake in Indian private lender RBL Bank RATB.NS in a deal valued at $3 billion. 
The deal gives the Middle Eastern lender access to a wide branch network, which it intends to merge with its local subsidiary.            

SMBC – YES BANK 
In May, Japan's Sumitomo Mitsui Banking Corporation (SMBC) agreed to acquire a 20% stake in Yes Bank YESB.NS for $1.6 billion.
It bought the stake from a clutch of Indian banks that rescued the bankrupt lender in 2020. It bought an additional 4.99% in September.

BLACKSTONE - FEDERAL BANK 
Private equity firm Blackstone BX.N, through a Singapore-based affiliate, in October agreed to invest 61.97 billion rupees ($705.05 million) in India's Federal Bank FED.NS for a 9.9% stake.
The deal's completion will give Blackstone's affiliate Asia II Topco XIII Pte Ltd the right to nominate one non-executive director to the Federal Bank's board. 
                
   IHC – SAMMAAN CAPITAL
   Earlier this month, Abu Dhabi's International Holding Company (IHC) agreed to invest close to $1 billion to buy a 43.5% stake in Sammaan Capital, a non-bank lender focused on housing loans.
IHC will launch an open offer to buy an additional 26% stake for retail investors as per Indian takeover regulations. The investment was among the largest in India's non-bank financial sector.
        
WARBURG PINCUS, ADIA – IDFC FIRST BANK
In April, Warburg Pincus and Abu Dhabi Investment Authority (ADIA) agreed to invest $877 million in IDFC FIRST Bank IDFB.NS through convertible preference shares. 
Together the two funds will have a combined ownership of 15% on conversion of the shares.    

BAIN CAPITAL – MANAPPURAM FINANCE
In March, Bain Capital agreed to acquire an 18% stake in Manappuram Finance MNFL.NS for $508 million.
Bain will raise its stake to over 40% after making an open offer for shares from retail investors.
Manappuram is a leading gold-loan NBFC with over 5,300 branches.

   BAJAJ GROUP - ALLIANZ
   In March, India's Bajaj Group bought back a 26% stake in its two joint venture firms - Bajaj Allianz General Insurance Ltd and Bajaj Allianz Life Insurance Ltd  - from its joint venture partner Allianz for $2.8 billion, ending a decade-long partnership.  
Allianz thereafter tied up with Reliance-owned Jio Financial Services to set up general and life insurance businesses.


($1 = 95.1500 Indian rupees)

 (Reporting by Gopika Gopakumar; Writing by Ira Dugal; Editing by Sam Holmes, Jan Harvey and Sherry Jacob-Phillips)
 ((Ira.Dugal@thomsonreuters.com; +91-9833024892;))