Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is set to acquire a 20% stake in Yes Bank, marking a significant development in the private lender’s shareholding structure.
As per official filings, SMBC will purchase 13.19% from the State Bank of India (SBI) and an additional 6.81% from a consortium of other Indian banks including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank, and Bandhan Bank.
The transaction involves a total of 2,13,68,30,297 equity shares, with the deals structured through individual share purchase agreements (SPAs) between SMBC and each of the selling banks. All agreements are expected to be consummated simultaneously, ensuring regulatory and operational alignment.
SBI had acquired its stake in 2020 during Yes Bank’s restructuring, buying shares at ₹10 apiece. It is now selling a portion of that holding to SMBC at ₹21.50 per share, nearly doubling its investment on the portion sold. Federal Bank and other sellers are also participating in the offload at the same price.
The deal is subject to applicable regulatory and statutory approvals, including from RBI and SEBI. It marks one of the most prominent foreign strategic investments in the Indian banking sector in recent years.
