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Recap 2025: From MUFG-Shriram Finance to Emirates NBD-RBL Bank, a look at 9 major deals in financial sector
2 min read | Updated on December 19, 2025, 19:33 IST
SUMMARY
Japan's Mitsubishi UFJ Financial Group Inc. (MUFG) will acquire a 20% stake in Shriram Finance for ₹39,618 crore (around $4.4 billion), marking the largest cross-border investment in India's financial sector to date.
In October, Emirates NBD Bank decided to acquire a majority stake of 60% in RBL Bank for ₹26,853 crore. | Image: Shutterstock
Recap 2025: India witnessed a slew of large deals in the financial services sector in 2025, resulting in significant inflows of foreign capital. Some of the major transactions announced during the year are outlined below.
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Join nowMUFG-Shriram Finance: Japan's Mitsubishi UFJ Financial Group Inc. (MUFG) will acquire a 20% stake in Shriram Finance for ₹39,618 crore (around $4.4 billion), marking the largest cross-border investment in India's financial sector to date.
Emirates NBD-RBL Bank: In October, Emirates NBD Bank, the second-largest in the UAE, decided to acquire a majority stake of 60% in RBL Bank for ₹26,853 crore.
SMBC-YES Bank: Sumitomo Mitsui Banking Corporation (SMBC) in May decided to acquire a 20% stake in Yes Bank for ₹13,483 crore. The deal was concluded in September with the stake transfer to the Japanese firm.
Blackstone-Federal Bank: The Federal Bank board in October approved fundraising by issuance of preferential warrants worth over ₹6,196 crore to Blackstone Group entity Asia II Topco XIII Pte Ltd.
After the exercise of warrants into equity shares, Asia II Topco XIII Pte. Ltd will hold a 9.99% stake in Federal Bank. The regulatory approval is awaited.
IHC-Sammaan Capital: Abu Dhabi-based investor Avenir Investment RSC, an affiliate of International Holding Company (IHC), in October agreed to purchase a 43.46% stake in housing finance firm Sammaan Capital for $1 billion (about ₹9,000 crore).
Warburg Pincus & ADIA-IDFC First Bank: IDFC First Bank raised ₹7,500 crore in aggregate by way of preferential share allotment to arms of Warburg Pincus LLC and Abu Dhabi Investment Authority (ADIA). Both entities together acquired a 15% stake in the private sector bank.
Zurich-Kotak Mahindra General Insurance: Kotak Mahindra General Insurance promoter Kotak Mahindra Bank in February decided to sell its 70% stake in the insurance firm for a total consideration of approximately ₹5,560 crore.
Bain Capital-Manappuram Finance: Bain Capital in March announced an investment of ₹4,390 crore to acquire an 18% stake in gold loan provider Manappuram Finance.
As far as the outflow of foreign capital is concerned, one major announcement in this regard was the exit of Allianz of Germany from Bajaj Finserv.
Allianz-Bajaj Finserv: Bajaj Finserv decided to acquire Allianz SE's 26 per cent stake in the erstwhile Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company for ₹24,180 crore.
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