Japan’s MUFG will acquire a 20% stake in Shriram Finance for $4.4 billion, which will be the largest cross-border investment in the Indian financial sector.
Between January and September 2025, mergers and acquisitions worth $8 billion were completed in the financial sector, a 127 percent increase from the same period last year, according to data from Grant Thornton.
Here are the key facts about the big deals:
MUFG – SHRIRAM FINANCE
Japan’s MUFG will acquire a 20 percent stake in Shriram Finance for $4.4 billion, which will be the largest cross-border investment in the Indian financial sector.
EMIRATES NBD – RBL BANK
In October, Dubai-based bank Emirates NBD said it will buy a 60 percent stake in Indian private lender RBL Bank in a deal worth $3 billion.
The deal gives the Middle Eastern lender access to a broad branch network, which it plans to merge with its local subsidiary.
SMBC – YES BANK
In May, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) agreed to acquire a 20 percent stake in Yes Bank for $1.6 billion.
It bought the shares of a group of Indian banks that had rescued the failed lender in 2020. In September it bought another 4.99 percent.
BLACKSTONE – FEDERAL BANK
Private equity firm Blackstone, through a Singapore-based affiliate, agreed in October to invest ₹6,197 crore ($705.05 million) in India’s Federal Bank for a 9.9 percent stake.
The completion of the deal gives Blackstone’s subsidiary Asia II Topco XIII Pte Ltd the right to nominate one non-executive director to the Federal Bank’s board.
IHC – SAMMAN CAPITAL
Earlier this month, Abu Dhabi’s International Holding Company (IHC) agreed to invest nearly $1 billion to purchase a 43.5 percent stake in Sammaan Capital, a non-bank lender focused on home loans.
IHC will launch an open offer to purchase an additional 26 percent stake for private investors, in accordance with Indian takeover rules. The investment was among the largest in India’s non-banking financial sector.
WARBURG PINCUS, ADIA – IDFC FIRST BANK
In April, Warburg Pincus and Abu Dhabi Investment Authority (ADIA) agreed to invest $877 million in IDFC FIRST Bank through convertible preference shares.
Together, the two funds will have a joint interest of 15 percent upon conversion of the shares.
BAIN CAPITAL – MANAPPURAM FINANCING
In March, Bain Capital agreed to acquire an 18 percent stake in Manappuram Finance for $508 million.
Bain will increase its stake to more than 40 percent after an open offer for shares from private investors.
Manappuram is a leading gold loan NBFC with over 5,300 branches.
BAJAJ GROUP – ALLIANZ
In March, India’s Bajaj Group bought back a 26 percent stake in its two joint ventures – Bajaj Allianz General Insurance Ltd and Bajaj Allianz Life Insurance Ltd – from its joint venture partner Allianz for $2.8 billion, ending a decade-long partnership.
Allianz then joined Reliance-owned Jio Financial Services to set up general and life insurance businesses.
Published on December 19, 2025
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