SBI Shares Rise 1.5% After Selling 13.18% Stake in Yes Bank to SMBC for Rs 8,889 Crore

ia (SBI) shares climbed 1.5% to around Rs 843 on September 17, marking their third consecutive session of gains, following the sale of a 13.18% stake in Yes Bank to Sumitomo Mitsui Banking Corporation (SMBC) for Rs 8,889 crore. Yes Bank shares, however, dipped marginally to Rs 20.94. SMBC acquired a 20% stake in Yes Bank, becoming its largest shareholder, with 13% purchased from SBI and the remaining 7% from other Indian banks, including Axis Bank, HDFC Bank, and ICICI Bank. This deal, one of the largest foreign investments in an Indian private bank, received approvals from the Reserve Bank of India and the Competition Commission of India. SBI Chairman Challa Sreenivasulu Setty highlighted the 2020 Yes Bank restructuring as a landmark public-private partnership, emphasizing SMBC’s global expertise as a boost to Yes Bank’s future growth. Post-sale, SBI retains a 10.8% stake in Yes Bank.