Large cross-border deals in India's financial sector this year
INDA•India's financial sector completed $2.3 billion in mergers and acquisitions from July through September 2026, up 54% from the previous quarter. Major transactions this year include Fairfax's planned $5.56 billion purchase of a 60.7% stake in IDBI Bank and MUFG's planned $4.4 billion investment in Shriram Finance.
1. Quarterly deal activity
Mergers and acquisitions worth $2.3 billion were completed in India's financial sector from July 1 to September 30, 2026, a 54% increase from the previous quarter.
2. Large bank investments
Canada's Fairfax Financial Holdings will buy a 60.7% stake in IDBI Bank for 528.78 billion rupees ($5.56 billion), offering 81 rupees per share against a government-determined benchmark of 75.99 rupees. MUFG will buy a 20% stake in Shriram Finance for $4.4 billion. Emirates NBD said it will buy 60% of RBL Bank for $3 billion, while SMBC agreed to buy a 20% stake in Yes Bank for $1.6 billion and acquired another 4.99% in September.
3. Other major transactions
Bank of America agreed to take a 49.9% stake in Jio Credit, Jio Financial Services' lending arm, in a deal valued at around $1.92 billion. Other announced investments include Blackstone's $705.05 million investment for 9.9% of Federal Bank, IHC's planned investment of close to $1 billion for 43.5% of Sammaan Capital, and $877 million from Warburg Pincus and ADIA in IDFC FIRST Bank. Bain Capital agreed to acquire an 18% stake in Manappuram Finance for $508 million, while Bajaj Group bought back Allianz's 26% stakes in two insurance joint ventures for $2.8 billion.
