SMBC to buy further 4.2% of Yes Bank from Carlyle affiliate
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Sumitomo Mitsui Banking Corporation (SMBC) has agreed to purchase an additional 4.2% stake in Yes Bank from a Carlyle Group affiliate for 51 billion yen ($349 million). This follows the completion of its initial 20% stake acquisition announced in May. SMBC received approval from India's central bank to acquire up to 24.99% of Yes Bank. Additionally, State Bank of India disclosed it received $1 billion from selling its 13.19% stake in Yes Bank to SMBC. SMBC also divested its 1.65% stake in Kotak Mahindra Bank to rebalance its investment portfolio.
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