CCI approved @Sumitomo Mitsui Banking Corporation’s (SMBC Group) acquisition of a 20% stake in YES BANK. The deal is valued at approximately $1.6 billion, which makes it one of the largest cross-border transactions in India’s banking industry.
SMBC plans to purchase the shares from the existing group of shareholders – 13.19% from the State Bank of India and 6.81% from major lenders that include AxisBank, BandhanBank, HDFCBank, ICICI Bank, IDFC First Bank, Kotak Mahindra Bank, and more.
CCI confirmed in a press release, “The proposed combination relates to the acquisition of share capital and voting rights of Yes Bank by Sumitomo Mitsui Banking Corporation (SMBC).”
This approval importantly marks a step forward in foreign investment in India’s private banking sector, reinforcing international trust in the country’s financial sector and setting a precedent for future cross-border banking collaborations.
