The Competition Commission of India (CCI) has approved Sumitomo Mitsui Banking Corporation's proposal to acquire certain share capital and voting rights in private sector lender Yes Bank.

On 23 August, Yes Bank announced that the Japanese lender received the Reserve Bank of India’s nod to acquire up to 24.99% stake in the company.

SMBC is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG), which is the second largest banking group in Japan with total assets of $2 lakh crore as of December 2024. 

On 9 May, Yes Bank disclosed SMBC's proposed acquisition of a 20% stake in the lender through a secondary stake purchase of 13.19% stake from the State Bank of India (SBI) and 6.81% share from seven other shareholders.

Other shareholders are Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank.

SBI and the seven investor lenders had invested in the bank as part of the Yes Bank reconstruction scheme in March 2020. The state-owned lender currently holds a 24% stake in Yes Bank, and will be left with a little over 10% stake after the dilution.