RBI Clears SMBC’s Up to 24.99% Stake Acquisition in YESBANK Bank
RBI has approved Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to acquire up to 24.99% stake in YESBANK , valid for one year, while clarifying that SMBC will not be treated as a promoter. The acquisition will start with a 20% secondary stake purchase—13.19% from SBI and 6.81% from seven other banks (Axis, Bandhan, Federal, HDFC, ICICI, IDFC First, and Kotak). Completion is subject to CCI approval and other conditions. The move signals regulatory support for foreign investment in Indian banking, and Yes Bank’s stock jumped about 5% following the news.
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