MUMBAI :Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) has a agreed to acquire a 20 per cent 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 per cent stake from State Bank of India, also its largest investor, and an aggregate of 6.81 per cent 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 per cent 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 per cent stake in Yes Bank.
