Large cross-border deals in India's financial sector this year
SPY•India's financial sector completed $2.3 billion in mergers and acquisitions from July through September 2026, up 54% from the previous quarter. Major deals this year include foreign investments in IDBI Bank, RBL Bank, Yes Bank and other lenders.
1. Sector deal activity
Mergers and acquisitions worth $2.3 billion were completed in India's financial sector between July 1 and September 30, 2026, up 54% from a quarter earlier, data from Grant Thornton showed.
2. Major lender investments
Canada's Fairfax Financial will acquire a 60.7% stake in IDBI Bank for 528.78 billion rupees ($5.56 billion). Emirates NBD said in October it would buy a 60% stake in RBL Bank for $3 billion, while Japan's SMBC agreed in May to acquire 20% of Yes Bank for $1.6 billion and bought an additional 4.99% in September.
3. Other announced deals
MUFG will buy a 20% stake in Shriram Finance for $4.4 billion, and Bank of America agreed to acquire 49.9% of Jio Financial Services' lending arm, Jio Credit, in a deal valued at about $1.92 billion. Other transactions include Blackstone's $705.05 million investment for 9.9% of Federal Bank, an investment of close to $1 billion by Abu Dhabi's International Holding Company for a 43.5% stake in Sammaan Capital, and investments in IDFC FIRST Bank and Manappuram Finance.
