SBI Concludes Significant Divestment in Yes Bank to SMBC
State Bank of India (SBI) successfully divested a 13.18% stake in Yes Bank to Sumitomo Mitsui Banking Corporation. Despite the sale, SBI retains a 10.8% shareholding in Yes Bank. This represents the largest cross-border investment in India's banking sector, illustrating a strong private-public partnership model.
- Country:
- India
In a significant financial maneuver, the State Bank of India (SBI) has announced the completion of a major divestment, offloading around 13.18% of its stake in Yes Bank Limited (YBL) to Sumitomo Mitsui Banking Corporation (SMBC).
This transaction marks Japan's second-largest banking group's strategic entry into the Indian banking sector, with SMBC hailed as a leading foreign bank in the country.
Although SBI reduced its stake, it continues to be a major shareholder with approximately 10.8% shares in YBL after the sale. This strategic move received all necessary regulatory approvals, accentuating SBI and SMBC's foresight and commitment to India's financial evolution.
(With inputs from agencies.)
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