SMBC Boosts Stake in Yes Bank Becoming Largest Shareholder
Sumitomo Mitsui Banking Corporation (SMBC) of Japan has increased its stake in Yes Bank to 24.22%, becoming its largest shareholder. This acquisition enhances Yes Bank's capital strength and governance. The bank plans to capitalize on SMBC's global network to drive growth, while maintaining strong ties with SBI.
- Country:
- India
Yes Bank announced on Tuesday that Sumitomo Mitsui Banking Corporation (SMBC) from Japan has raised its stake in the bank by acquiring an additional 4.22%. This transaction takes SMBC's total share in the Mumbai-based bank from 20% to 24.22%.
The acquisition, involving 132.39 crore shares through an off-market sale dated September 22, positions SMBC as Yes Bank's largest shareholder, surpassing the State Bank of India (SBI), which still holds a significant stake of over 10%.
Yes Bank aims to leverage SMBC's extensive global capabilities to enhance trade and investment flows between Japan and India, thereby accelerating its corporate banking and cross-border services. The bank's improved capital position and governance are reflected in AA- ratings assigned by major domestic credit rating agencies.
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- Yes Bank
- SMBC
- stake acquisition
- Mumbai
- Japan
- corporate banking
- SBI
- shareholder
- investment
- growth
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