Emirates NBD is looking to establish an investment banking franchise in India, following its recent agreement to invest $3bn in a mid-sized Indian lender, reported Bloomberg, citing sources familiar with the matter.
This move highlights the bank’s ambitions to take market share in the world’s fastest-growing major economy.
The investment banking arm of the Dubai-based financial group, Emirates NBD Capital (EmCap), has applied for an investment banking licence in India, according to a source.
EmCap is planning to hire around fifteen bankers in India by the middle of next year, according to people familiar with the plans who requested anonymity due to the private nature of the information.
The bank is reportedly aiming to expand its capabilities in advisory, equity underwriting, and debt capital markets.
Recruitment efforts will mainly focus on attracting talent from other international institutions already operating in India.
The country has experienced a rebound in dealmaking and initial public offerings despite ongoing tariff tensions with the US, leading to increased competition for skilled professionals. As a result, senior dealmakers in India are now earning higher salaries than their counterparts in Singapore and Hong Kong, reported Bloomberg.
Last month, Emirates NBD announced plans to acquire a majority stake in RBL Bank for about $3bn, marking one of the largest foreign investments in India’s financial sector.
In early October, International Holding Co., another United Arab Emirates-based firm, acquired a $1bn stake in an Indian shadow lender.
EmCap has secured office space in the Altimus tower in Worli, a key commercial area in Mumbai, according to the sources.
Expanding its investment banking franchise in India is expected to help EmCap leverage the growing trade flows between the UAE and India.
Indians represent the largest expatriate community in the UAE and play a significant role in the country’s financial sector.
