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.

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.