CCI Okays Japan's SMBC Proposal to Acquire Up to 24.99% Stake in Yes Bank

Fair trade regulator CCI on Tuesday cleared Japan's Sumitomo Mitsui Banking Corporation's proposal to acquire up to 24.99 per cent stake in private sector lender Yes Bank.

- PTI

SMBC is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG). It is among the leading foreign banks in India, and SMFG's wholly-owned subsidiary, SMFG India Credit Company, is among the largest diversified NBFCs in India.

"The proposed combination relates to the acquisition of share capital and voting rights of Yes Bank by SMBC," the Competition Commission of India (CCI) said in a release.