YES BANK Secures RBI Approval for Board Nominations by Sumitomo Mitsui and State Bank of India

Yes Bank has obtained RBI approval for amendments to its Articles of Association, allowing Sumitomo Mitsui Banking Corporation (SMBC) to nominate two directors and State Bank of India (SBI) to nominate one director to its board. The approval, received on September 09, is linked to a share purchase agreement dated May 09. The nomination rights will be effective upon completion of transactions outlined in the agreement, subject to customary conditions precedent.