MUMBAI :Japan’s Sumitomo Mitsui Banking Corporation has received Indian central bank approval to buy up to 24.99 per cent of India’s Yes Bank, the Indian bank said in a stock exchange filing on Saturday.
The Reserve Bank of India has also decided that SMBC would not be treated as a “promoter” of Yes Bank following the deal, which would have involved additional regulatory requirements, Yes Bank said.
In May, the banks informed exchanges that SBMC had inked a deal to take a 20 per cent stake in Yes Bank for $1.6 billion, making it the largest cross-border merger and acquisition deal in India’s financial sector.
Sources familiar with the matter told Reuters last month that SMBC was seeking approval to buy an additional 4.9 per cent stake in Yes Bank.
