SMFG to Buy India Bank Stake in $1.6 Billion Landmark Deal
A Yes Bank branch is being pictured in Kolkata.
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Sumitomo Mitsui Financial Group Inc.’s banking unit agreed to buy a 20% stake in Indian lender Yes Bank Ltd. for about 135 billion rupees ($1.58 billion), as Japanese firms continue their expansion in the world’s most-populous country.
Sumitomo Mitsui Banking Corp. will acquire shares from State Bank of India and other investors for about 21.50 rupees each to become the top shareholder, according to a stock exchange filing Friday. Yes Bank shares surged this week after Bloomberg News reported the Japanese bank was in talks for a minority stake, and last traded at 20.02 rupees in Mumbai.