Bandhan Bank Cuts Stake in Yes Bank as SMBC Expands Indian Footprint with Aggressive Buying
Bandhan Bank has sold 15.39 crore shares of Yes Bank Ltd. to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for approximately ₹331 crore at ₹21.50 per share. Following this transaction, Bandhan’s holding in Yes Bank has dropped from 0.70% to 0.21%.
This move comes on the same day that State Bank of India (SBI) divested its 13.18% stake in Yes Bank, selling 413.44 crore shares for about ₹8,889 crore to SMBC. In addition, Federal Bank offloaded 16.62 crore shares at the same price.
SMBC, part of the Sumitomo Mitsui Financial Group (SMFG), has been actively acquiring stakes in Yes Bank. The Japanese lender is also set to acquire an additional 4.2% stake from Carlyle Group’s affiliate, CA Basque Investments, further boosting its shareholding.
These acquisitions are part of SMBC’s broader plan to secure a 20% stake in Yes Bank, valued at $1.6 billion, which marks one of the largest cross-border M&A deals in India’s financial sector. Once the transactions are complete, SMBC will nominate two directors to Yes Bank’s board, while SBI will retain one nominee.
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