Dubai's Emirates NBD Seeks to Deepen India Push With Dealmaker Hires - Bloomberg
Emirates NBD Bank PJSC is seeking to build an investment banking franchise in India, according to people familiar with the matter, underscoring its ambitions in the world’s fastest-growing major economy weeks after agreeing to invest $3 billion in a mid-sized lender.
The investment banking arm of Dubai’s flagship financial group plans to hire about 15 bankers in India by the middle of next year, the people said, asking not to be identified because the information is private.
Emirates NBD Capital, also known as EmCap, has applied for an investment banking license, one person said. It may look to eventually build out its capabilities across advisory, equity underwriting and debt capital markets.
The bank is mainly looking to recruit from other international institutions already operating in India, the people said. A spokesperson for Emirates NBD declined to comment.
India has seen a rebound in dealmaking and initial public offerings despite tariff tensions with the US, sparking a battle for talent. Senior dealmakers in India now earn more than peers in Singapore and Hong Kong.
Earlier this month, Emirates NBD, Dubai’s house bank, announced plans to buy a majority stake in RBL Bank Ltd. for about $3 billion, one of the largest foreign investments in India’s financial sector.
That transaction is part of roughly $15 billion worth of deals involving financial firms in India this year, according to data compiled by Bloomberg. In early October, International Holding Co., also based in the United Arab Emirates, bought a $1 billion stake in an Indian shadow lender.
EmCap has taken office space in Altimus tower in Worli, a prominent commercial hub in Mumbai, the people said.
Building out its investment banking franchise in India will help EmCap tap into growing trade flows between the two countries. Indians make up the largest share of the UAE’s expatriate population and play a major role in its financial sector.
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