The banking division of Sumitomo Mitsui Financial Group has announced its agreement to purchase an additional 4.2% stake in Yes Bank from a Carlyle Group affiliate for 51 billion yen ($349 million). This information was disclosed on Wednesday.
Sumitomo Mitsui Banking Corporation (SMBC), recognized as Japan’s second-largest lender by assets, confirmed it has successfully completed its acquisition of an initial 20% stake in the Mumbai-based Yes Bank, a transaction first revealed in May.
In August, SMBC received clearance from the Reserve Bank of India to acquire up to 24.99% of Yes Bank, with the purchase subsequently receiving approval from India’s competition regulator earlier this month.
In a separate announcement, the State Bank of India revealed that it had received 88.89 billion rupees ($1 billion) from the finalized sale of its 13.19% stake in Yes Bank to SMBC.
Additionally, SMBC divested its entire 1.65% stake in Kotak Mahindra Bank as of September 10, stating that this move was intended to “rebalance its strategic investment portfolio.” Notably, some of SMBC’s initial 20% stake in Yes Bank was acquired from Kotak Mahindra Bank.
($1 = 146.2800 yen) ($1 = 87.8340 Indian rupees) (Reporting by Anton Bridge, Editing by Mark Potter and Joe Bavier)
Published on September 17, 2025.
