Emirates NBD has emerged as a potential buyer of a majority stake in India’s IDBI Bank. According to reports in Indian media, Emirates NBD and Canada’s Fairfax Group submitted an expression of interest (EOI) earlier this week to purchase the 60.7 percent majority stake offered by the Government of India and Life Insurance Corporation of India.
The announcement comes just days after it was revealed that Abu Dhabi-based First Abu Dhabi Bank (FAB) seriously considered buying Standard Chartered Bank before pulling out. In a tweet on Saturday, the Secretary, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, stated that the government had received multiple expressions of interest (EOIs) for IDBI Bank and that the sale process is now expected to move to the second stage.