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Yes Bank Stake Sale: RBI has also nodded SMBC to acquire shares in Yes Bank.
Yes Bank Stake Sale
Yes Bank Stake Sale: The Competition Commission of India (CCI) has approved the acquisition of certain share capital and voting rights of Indian private lender Yes Bank by Sumitomo Mitsui Banking Corporation (SMBC), clearing the way for the Japanese financial giant to have majority control in the Indian private lender, according to a report of CNBC TV-18.
Yes Bank shares settled in green at Rs 19.58 per share on Tuesday.
RBI has also nodded SMBC to acquire shares in Yes Bank.
Yes Bank Stake Sale
As per the agreement, SMBC bought 13.9 per cent stake from SBI via secondary stake purchase and 6.81 per cent aggregate stake from other bank shareholders including Axis Bank Limited, Bandhan Bank Limited, Federal Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IDFC First Bank Limited, and Kotak Mahindra Bank Limited.
SBI and the seven Investor Banks had invested in the Bank as part of the YES Bank Reconstruction Scheme in March 2020.
SMBC, is a wholly owned subsidiary of Sumitomo Mitsui Financial Group, Inc. (“SMFG”). SMFG is the second largest banking group in Japan with Total Assets of ~US$2tn as of December 2024 with strong global presence. SMFG is listed on the Tokyo Stock Exchange, Premier Market of the Nagoya Stock Exchange and SMFG’s American Depositary Receipts (ADRs) are also listed on the New York Stock Exchange. SMFG is rated A1 / A- (Stable) by Moody’s and S&P respectively (long-term outlook).
SMBC is among the leading foreign banks in India and SMFG’s wholly owned subsidiary, SMFG India Credit Company Limited, is among the largest diversified NBFCs in India.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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