NEWS
SMBC gets RBI nod to buy 24.99% of Yes Bank
RBI clarifies that even after the deal, Sumitomo Mitsui Banking Corporation will not to be treated as promoter of Yes Bank as it would have involved additional regulatory requirements.
RBI clarifies that even after the deal, Sumitomo Mitsui Banking Corporation will not to be treated as promoter of Yes Bank as it would have involved additional regulatory requirements.
Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) has received Reserve Bank of India’s nod to acquire up to 24.99% stake in Yes Bank.
SMBC, however, will not be treated as a "promoter" of Yes Bank following the acquisition.
RBI has clarified that this would have involved additional regulatory requirements, Yes Bank said.
Yes Bank currently has no promoter and is fully owned by public shareholders.
In May, SBMC had signed an agreement to take a 20% stake in Yes Bank for Rs 13,482 crore, making it the largest cross-border merger and acquisition deal in India's financial sector.
Last month, Reuters reported that SMBC was seeking approval to buy an additional 4.9% stake in Yes Bank.
