An Abu-Dhabi based bank is likely to acquire a significant stake in an Indian bank, United Arab Emirates (UAE) envoy to India Abdulnasser Alshaali told CNBC TV-18.
In the interview, the envoy said that the deal could be worth billions of dollars but did not reveal the names of the involved banks, citing market sensitivities.
Certain issues must be addressed before the transaction can be completed, according to Alshaali, who is optimistic that these concerns will be resolved soon.
This banking deal is being discussed at a time when UAE Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan recently visited India.
During the visit, he held key discussions with Indian Prime Minister Narendra Modi, focusing on strengthening bilateral ties in finance, trade, and infrastructure. This meeting took place at Hyderabad House in New Delhi.
