Sumitomo Mitsui Eyes $1.1 Billion Top-Up to Boost Yes Bank Stake to 25%
The move underlines SMFG’s strategy to deepen its presence in India’s private banking sector.
Overview
- SMFG is weighing a fresh $1.1 billion investment in Yes Bank.
- The bank proposes buying about 5% of shares from Carlyle Group and other minority holders.
- The plan may include purchasing approximately $680 million in Yes Bank convertible bonds.
- Completion would raise SMFG’s total exposure in Yes Bank to $2.7 billion and a 25% stake.
- Discussions are preliminary and any transaction is subject to approvals from the RBI and Competition Commission of India.