A list of major cross-border deals in India's financial sector this year

Core Insights - The Indian financial sector has experienced significant mergers and acquisitions in 2025, with a total value of $8 billion, representing a 127% increase compared to the same period in the previous year according to Grant Thornton Group 1: Major Deals - MUFG will acquire a 20% stake in Shriram Finance for $4.4 billion, marking the largest cross-border investment in India's financial sector [1] - Emirates NBD plans to buy a 60% stake in RBL Bank for $3 billion, providing access to a wide branch network [2] - SMBC agreed to acquire a 20% stake in Yes Bank for $1.6 billion, with an additional 4.99% stake purchased in September [3] - Blackstone will invest ₹6,197 crore ($705.05 million) in Federal Bank for a 9.9% stake, allowing it to nominate a non-executive director to the board [4] - IHC will invest close to $1 billion for a 43.5% stake in Sammaan Capital, with plans for an open offer to acquire an additional 26% stake [5] - Warburg Pincus and ADIA will invest $877 million in IDFC FIRST Bank through convertible preference shares, resulting in a combined ownership of 15% upon conversion [6] - Bain Capital will acquire an 18% stake in Manappuram Finance for $508 million, with plans to increase its stake to over 40% through an open offer [8] - Bajaj Group repurchased a 26% stake in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance for $2.8 billion, ending a decade-long partnership with Allianz [9]