Will double balance-sheet, profit in next 5 years: Yes Bank CEO

AFTER years-long effort, Yes Bank has finally found an investor with Japanese financial powerhouse Sumitomo Mitsui Banking Corp (SMBC) buying 20% share in the bank.

- BENN KOCHUVEEDAN @ Mumbai

The Japanese bank last Friday became the single largest shareholder with the acquisition of 20% stake for ₹13,483 crore or ₹21.5 per share, through a secondary stake purchase. SBI has sold 13.19% of its 23.97% holding with 115% gains on its investment made in March 2020, and other banks Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank together selling 6.81% stake at ₹21.5 per share.

In an interview to TNIE, CEO Prashant Kumar tells that this investment, which is the single-largest foreign direct investment to date in the banking space, marks a pivotal step in the next phase of growth.