Aug 25, 07:08 AM

RBI Approves SMBC as Largest Shareholder With 24.99% Stake in Yes Bank; Shares Rise 5%

The Reserve Bank of India (RBI) has approved Sumitomo Mitsui Banking Corporation (SMBC) to acquire up to a 24.99% stake in Yes Bank. The RBI clarified that SMBC will not be classified as a promoter following the acquisition. This approval positions SMBC as the largest shareholder in Yes Bank, marking a notable development in India's banking sector. Following the announcement, Yes Bank's shares rose nearly 5% in intraday trading, reflecting market optimism about the strategic investment. The deal is part of broader discussions regarding stakeholding in Yes Bank, with SBI's stake also under consideration.

#Reserve Bank of India #RBI #Sumitomo Mitsui Banking Corporation #SMBC #Yes Bank #India #SBI

Written with ChatGPT (GPT-4).

Sources

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