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Sumitomo Mitsui seals deal to buy 20% in Yes Bank
Mint Mumbai
|May 10, 2025
Japan's Sumitomo Mitsui Banking Corp. (SMBC) will acquire a 20% stake in Yes Bank for ₹13,482 crore in the largest cross-border investment in Indian banking sector.
SMBC will purchase the shares from State Bank of India (SBI) and other Yes Bank shareholders at a price of ₹21.50, valuing the Mumbai-headquartered lender at $7.9 billion.
"SMBC has entered into a definitive agreement on 9 May 2025 to acquire 20% stake in Yes Bank through a secondary stake purchase of 13.19% from SBI and 6.81% aggregate stake from other bank shareholders," Yes Bank said in a press statement on Friday.
SMBC will look to increase its holding in Yes Bank over time, eventually triggering an open offer for more shares, said two bankers aware of the matter. However, SMBC's voting rights will be capped at 26%, as per Reserve Bank of India regulations, they said, declining to be identified. SMBC will also get two seats on the board of Yes Bank, they said.
Esta historia es de la edición May 10, 2025 de Mint Mumbai.
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