M&A M&A
Japan's SMBC gets RBI nod to buy upto 25% stake in Yes Bank
Source Yes Bank (opens in a new tab)Economic Times (opens in a new tab)BSE Announcement (opens in a new tab)
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.
Company website ↗ (opens in a new tab)
For FY25, YES Bank had reported about INR 30,919 Cr in Operating Income and about INR 2,447 Cr in PAT.