SMBC Completes Acquisition of Initial Stake in YES BANK, will Purchase Additional Equity
Sumitomo Mitsui Financial Group (SMBC Group) and Sumitomo Mitsui Banking Corporation (SMBC) have announced that, with regards to the agreement to acquire a 20% equity stake in YES BANK from State Bank of India and other financial institutions, all conditions precedent including regulatory approvals have been satisfied and this initial acquisition has been completed.
Concurrently, two SMBC-nominated non-executive directors will be appointed to the Board of Directors at YES BANK, and YES BANK will be an equity-method affiliate of SMBC Group and SMBC.
In addition, SMBC has signed a definitive agreement with CA Basque Investments, a company affiliated with The Carlyle Group, a global investment firm, to acquire an additional 4.2% equity stake in YES BANK.
The per‑share purchase price of the additional acquisition is the same as that of the initial acquisition, and the total purchase consideration is approximately 28.5 billion Indian Rupee (approx. 51 billion Yen, PBR 1.4 times). SMBC intends to complete the additional acquisition promptly upon satisfaction of conditions precedent. Following completion of the additional acquisition, SMBC’s shareholding in YES BANK is expected to be 24.2%.
Through the investments, SMBC Group will further strengthen its presence in India and will contribute to the sustainable and long-term growth of YES BANK.
Separately, to rebalance its strategic investment portfolio, SMBC sold its entire 1.65% equity stake in Kotak Mahindra Bank, also a private‑sector commercial bank in India, as of September 10th, 2025.
Norbert Gehrke
