India’s Bandhan Bank denies acquisition talks with First Abu Dhabi Bank
By Staff Writer
India’s Bandhan Bank has denied that it is involved in any acquisition talks with First Abu Dhabi Bank, following a news report that the Indian entity is engaged in talks with the UAE lender.
Indian news site Moneycontrol reported the Abu Dhabi-listed bank is scouting for mid-sized banking acquisition targets in India, with Bandhan Bank, along with a Kerala-based lender holding meetings with FAB senior management, citing unnamed investment bankers with direct knowledge.
The Kolkata-headquartered Bandhan Bank issued a statement on India’s National Stock Exchange saying the bank “categorically denies the reported speculation regarding any acquisition related discussions or proposal involving Bandhan Bank and First Abu Dhabi Bank”.
FAB operates two branches in India, with its headquarters in Mumbai and an operation out of GIFT City.
The news comes a year following UAE lender Emirates NBD’s acquisition of a majority controlling stake in India’s RBL Bank Limited (RBL) for approximately $3 billion. There has been market speculation the deal could pave the way for other cross-border investment deals in India’s financial services sector.
(Writing by Bindu Rai, editing by Seban Scaria)