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Investing.com -- Sumitomo Mitsui (NYSE:SMFG) Banking Corporation (SMBC), a Japanese financial institution, has confirmed that it will buy a 20% share in Yes Bank (NSE:YESB), an Indian private lender. This acquisition marks the most significant cross-border merger and acquisition agreement in the financial sector of India.
SMBC will purchase a 13.19% stake from the State Bank of India (NSE:SBI), which is currently the largest investor in Yes Bank. The remaining 6.81% will be procured from a collection of banks, including Axis Bank (NSE:AXBK), Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank (NASDAQ:FRBA) Limited, and Kotak Mahindra Bank (NSE:KTKM). This information was disclosed by Yes Bank in a recent stock exchange filing.
SBI currently holds a 24% stake in Yes Bank, which was obtained as a result of a restructuring process led by regulators in March 2020. The new acquisition by SMBC will effectively reduce SBI’s stake in Yes Bank.
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