SBI, 7 Lenders to Offload Yes Bank Stake to Japan's SMBC

State Bank of India (SBI) and seven other lenders on Friday announced selling 20% of their combined stakes in Yes Bank to Japan's Sumitomo Mitsui Banking Corporation (SMBC) for a consideration of ₹13,483 crore, making it the largest cross-border investment in the Indian banking sector.

- Press Trust of India

NEW DELHI:

Following completion of the transaction, SMBC will become the single largest shareholder of Mumbai-based Yes Bank.

Of the 20% stake, SBI would dilute 13.19% stake in Yes Bank in favour of SMBC for a consideration of ₹8,889 crore, while 6.81% shareholding will be offloaded by seven other lenders—Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank—for about ₹4,594 crore.