UAE's First Abu Dhabi Bank (FAB) has denied reports that it is considering buying a stake in India’s Yes Bank Ltd, saying they are ‘unfounded’.

Several outlets reported on Wednesday that the UAE’s largest lender was among those considering acquiring a $5 billion stake in Yes Bank.

FAB said in a statement to Abu Dhabi Securities Exchange (ADX): “To prevent further speculation, FAB categorically states that it is not evaluating any possible offer for a stake in Yes Bank Ltd.

“As communicated previously, the bank remains focused on executing its growth strategy and delivering strong returns to its shareholders.

“Any significant developments shall be communicated to our stakeholders in accordance with regulatory requirements.”

Writing by Imogen Lillywhite; editing by Seban Scaria)