SMBC to buy further 4.2% of Yes Bank from Carlyle affiliate
A private security guard stands outside a branch of Yes Bank in New Delhi, India, August 30, 2024. REUTERS/Ainnie Arif/ File Photo
TOKYO : The banking arm of Sumitomo Mitsui Financial Group has agreed to buy an additional 4.2 per cent stake in India's Yes Bank from an affiliate of Carlyle Group for 51 billion yen ($349 million), it said on Wednesday.
Sumitomo Mitsui Banking Corporation, Japan's second-largest lender by assets, also said it had now completed its acquisition of an initial 20 per cent stake in the Mumbai-based bank, in a deal first announced in May.
SMBC had received approval from India's central bank to buy up to 24.99 per cent of Yes Bank in August, and India's competition regulator approved the purchase earlier this month.
State Bank of India, in a separate disclosure, said it has received 88.89 billion rupees ($1 billion) from the completion of the sale of its 13.19 per cent stake in Yes Bank to SMBC.
SMBC also sold its entire 1.65 per cent stake in Indian private-sector commercial bank Kotak Mahindra Bank as of September 10 in order to "rebalance its strategic investment portfolio," it said.
SMBC had acquired part of its initial 20 per cent stake in Yes Bank from Kotak Mahindra Bank.
($1 = 146.2800 yen)
($1 = 87.8340 Indian rupees)
