Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) has a agreed to acquire a 20% stake in Indian private lender Yes Bank in what would be the largest cross-border merger and acquisition deal in India’s financial sector.
SMBC will acquire a 13.19% stake from State Bank of India, also its largest investor, and an aggregate of 6.81% from Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank Limited and Kotak Mahindra Bank, Yes Bank said in a stock exchange filing.
SBI holds a 24% stake in Yes Bank, as a result of the regulator-led restructuring of the lender in March 2020.
ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank and Life Insurance Corporation of India together hold an 11.34% stake in Yes Bank.
Source: Economic Times