UAE Ambassador to India Abdulnasser Alshaali revealed that a major Abu Dhabi-based bank is in advanced stages of negotiations to acquire a significant stake in an Indian bank.
The UAE Ambassador to India told a prominent Indian TV channel in an interview that the investment could be valued at billions of dollars. “There are some matters that need to be sorted out for this to go ahead,” he told the channel. He expressed optimism about resolving the issues.
The UAE envoy did not disclose the parties involved, citing market sensitivities. However, there is speculation in the market that the target is Yes Bank.
Alshaali spoke about the broadening scope of UAE-India relations, particularly in trade and investment. “We are the second-largest export destination for India, the third-largest trade partner, and the fourth-largest investor,” he said, noting the remarkable progress in bilateral trade flows and investment projects.
According to earlier unconfirmed reports quoting Bloomberg and Reuters, the potential bidders for a $5 billion stake in Yes Bank include two leading banks from Dubai and Abu Dhabi.
As early as July, reports had surfaced about First Abu Dhabi Bank being among the potential suitors for a stake in Yes Bank.
