Japan's SMBC Acquires Major Stake in Yes Bank: A Significant Banking Move
Sumitomo Mitsui Banking Corporation (SMBC) has received the green light from India's CCI to acquire up to a 24.99% stake in Yes Bank. This significant transaction marks SMBC as the largest shareholder in Yes Bank, following a secondary stake purchase from the State Bank of India and other shareholders.
- Country:
- India
In a pivotal move, the Competition Commission of India has approved the acquisition of a 24.99% stake in Yes Bank by Japan's Sumitomo Mitsui Banking Corporation. This decision marks a significant development in the Indian banking sector.
As a wholly-owned subsidiary of the Sumitomo Mitsui Financial Group, SMBC stands as a leading foreign banking entity in India. It's set to become the largest shareholder of Yes Bank post-acquisition, reshaping the ownership landscape of the Mumbai-based lender.
The transaction follows the Reserve Bank of India's nod and involves a secondary stake purchase from the State Bank of India and seven other banks. Notably, this acquisition does not confer promoter status on SMBC, as clarified by the RBI.
(With inputs from agencies.)
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