Bank of Baroda Settles NMC Health Case for $600 Million

Jul 2, 2026

65 min

Jul 2, 2026 11:30

Bank of Baroda pays $600 million to settle NMC case

## Settlement Details

Bank of Baroda has agreed to a $600 million settlement to resolve legal disputes related to the collapse of NMC Health, a major healthcare provider in the UAE. This settlement concludes the bank's involvement in legal proceedings in both Abu Dhabi and London.

## Legal Proceedings

The settlement was confirmed by both the bank and the law firm representing NMC Health's Joint Administrators. The agreement was reached out of court and involves the bank's Abu Dhabi branch. The settlement pertains to insolvency and civil cases in the Abu Dhabi Global Market Court and the High Court of Justice in England.

## Ongoing Litigation

Despite this settlement, legal actions continue against NMC Health's former leaders, including founder B. R. Shetty and ex-CEO Prasanth Manghat. These cases involve allegations of fraud and aim to recover over $5 billion in creditor losses.

## Background

NMC Health entered administration in 2020 after undisclosed debts exceeding $4 billion were discovered, marking one of the Gulf's largest corporate scandals. Alvarez & Marsal were appointed as joint administrators to manage the company's restructuring.

## Bank of Baroda's Growth

In a separate announcement, Bank of Baroda reported significant growth in its global business, with a 15.46% increase in business volume and a 17.42% rise in global advances as of June 2026.

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