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Japan's SMBC gets RBI nod to buy upto 25% stake in Yes Bank

BSE Announcement   Economic Times   Yes Bank  

Tokyo (Japan)-based Sumitomo Mitsui Banking Corporation (SMBC) has received approval from the Reserve Bank of India (RBI) to buy 24.99% in Mumbai-based publicly listed Yes Bank . SMBC would not be treated as a "promoter" of Yes Bank following the deal.In May, SMBC had inked a deal to acquire a 20% stake in Yes Bank for USD 1.6 Billion, making it the largest cross-border merger and acquisition deal in India's financial sector. SMBC was seeking approval to buy an additional 4.9% stake.Founded in 2003, Yes Bank caters to retail customers, MSMEs (micro, small and medium enterprises) and corporate clients and has a presence across 300 districts.

For FY25, YES Bank had reported about INR 30,919 Cr in Operating Income and about INR 2,447 Cr in PAT.