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SMFG said to eye $1.1 billion additional deal for Yes Bank

Livemint

Livemint · 25d ago

SMFG said to eye $1.1 billion additional deal for Yes Bank

Sumitomo Mitsui Financial Group (SMFG) is reportedly planning to make an additional $1.1 billion investment in Yes Bank, following a prior investment two months ago. This would bring SMFG's total investment to $2.7 billion, granting them a 25% stake in the Indian bank. The Japanese bank aims to acquire around 5% of Yes Bank shares from Carlyle Group and other minority shareholders, as well as $680 million in convertible bonds, supporting Yes Bank’s growth.

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'Sumitomo Mitsui Banking Corp awaiting RBI call to buy 25% in Yes Bank'

Economic Times

Economic Times · 25d ago

'Sumitomo Mitsui Banking Corp awaiting RBI call to buy 25% in Yes Bank'

Sumitomo Mitsui Banking Corp (SMBC) has applied to India's banking regulator to acquire up to a 25% stake in Yes Bank, beyond the 20% it agreed to buy in May from various Indian banks. This expansion requires approval from the Reserve Bank of India. The move signifies SMBC's strategic interest in increasing its investment in Yes Bank, potentially involving an additional investment of $1.1 billion, as per recent media reports.

Shantanu Mitra to step down as SMFG India's CEO and MD

Economic Times

Economic Times · 1m ago

Shantanu Mitra to step down as SMFG India's CEO and MD

Shantanu Mitra, CEO and managing director of SMFG India Credit, will step down at the end of the month. This decision coincides with Sumitomo Mitsui Financial Group's plan to acquire a 20% stake in Yes Bank for ₹13,483 crore, pending Reserve Bank of India approval. SMFG India Credit, a 100% SMFG subsidiary, has yet to find a replacement for Mitra, whose tenure was set to end in September. Mitra served in the position since 2021.

Investors put Yes Bank on the block; Dr Agarwals Healthcare eyes IPO

VCCircle

VCCircle · 1y ago

Investors put Yes Bank on the block; Dr Agarwals Healthcare eyes IPO

Major shareholders of Yes Bank are planning to sell up to a 51% stake, with Citigroup's India unit being engaged for the task. The bank aims for a valuation of $8-9 billion, representing a 20-25% premium. In other news, Dr Agarwals Healthcare is considering an initial public offering (IPO) to raise funds for expansion. The eye care hospital chain is looking to raise around Rs 600-700 crore through the IPO.

Sumitomo Mitsui Banking to buy 20% stake in YES Bank from SBI, others

VCCircle

VCCircle · 3m ago

Sumitomo Mitsui Banking to buy 20% stake in YES Bank from SBI, others

Japanese financial giant Sumitomo Mitsui Banking Corporation (SMBC) plans to acquire a 20% stake in YES Bank, marking a significant cross-border transaction in India’s banking sector. SBI, holding 23.97% of YES Bank, along with other lenders, will sell shares at Rs 21.5 each. The entire deal is valued at Rs 13,483.16 crore ($1.58 billion). The transaction, subject to regulatory approvals, aims to enhance YES Bank’s growth and SMBC’s presence in India.

Paytm Signs Deal To Move Merchant Accounts To Yes Bank, NPCI Nod For TPAP Licence On The Anvil

Inc42 · 1y ago

Paytm Signs Deal To Move Merchant Accounts To Yes Bank, NPCI Nod For TPAP Licence On The Anvil

Fintech major Paytm's parent company, One97 Communications, has reportedly signed a deal to transfer its merchant accounts to Yes Bank following the Reserve Bank of India's crackdown on Paytm Payments Bank. Paytm has also likely applied for a third-party application provider (TPAP) license in partnership with Yes Bank and Axis Bank. The move will allow Yes Bank and Axis Bank to become payment service providers for Paytm's UPI channel. This comes after Yes Bank's CEO expressed interest in acquiring Paytm Payments Bank's merchants. Paytm's shares have been negatively affected by the RBI's restrictions.

First Abu Dhabi Bank says not evaluating any offer for stake in Yes Bank

Money Control

Money Control · 1y ago

First Abu Dhabi Bank says not evaluating any offer for stake in Yes Bank

First Abu Dhabi Bank PJSC has denied reports that it is evaluating an offer for a stake in YES Bank. Bloomberg previously reported that the Middle Eastern lender was considering a bid for up to a 51% stake in Yes Bank. Other potential suitors include Japanese banks Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. However, it is unclear whether these parties will proceed with a deal. SBI, which holds a 24% stake in Yes Bank, has also reduced its holding. The tenure of SBI's chairman is set to end in August, potentially causing delays in a deal.

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Inc42 · 1y ago

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Yes Bank is open to acquiring Paytm Payments Bank's merchant accounts, according to Yes Bank MD and CEO Prashant Kumar. However, this would require Yes Bank to complete Know Your Customer (KYC) verification and due diligence. Yes Bank sees this opportunity as a chance for cross-selling and long-term benefits. The Reserve Bank of India (RBI) had recently cracked down on Paytm Payments Bank but said that Paytm QR codes and card machines could still be operational after the March 15 deadline if the merchants migrate to other banks.

Why MUFG is the favourite to win Yes Bank's hand

Livemint

Livemint · 10m ago

Why MUFG is the favourite to win Yes Bank's hand

- Mitsubishi UFJ Financial Group (MUFG) is the frontrunner to acquire a majority stake in Yes Bank as it complies with the regulatory cap on voting rights. - Other potential bidders Sumitomo Mitsui Banking Corp. (SMBC) and Emirates NBD dropped out due to the voting rights cap. - MUFG has hired JP Morgan for advice and is attracted to India's financial services space for its growth prospects. - Talks with MUFG are crucial for Yes Bank as several potential suitors have dropped out in the search for a new owner due to the voting rights cap. - The negotiations with MUFG are focused on a valuation of $8-10 billion, and the deal may involve buying more than 26% of Yes Bank with a voting cap. - Yes Bank's ability to compete with rivals in terms of product offerings and network expansion has suffered due to the absence of an appropriate promoter.

Why are banks charging 1% fee on utility payments using credit cards?

Money Control

Money Control · 1y ago

Why are banks charging 1% fee on utility payments using credit cards?

Yes Bank and IDFC First Bank will charge an additional 1% fee on utility payments made using their credit cards starting from May 1, 2024. Customers will have a free usage limit of Rs 15,000 for Yes Bank and Rs 20,000 for IDFC First Bank. This move by the banks is due to the low margin in the utility category and the use of personal credit cards for high-value business utility bills. Banks are finding it challenging to provide high rewards on business transactions and are implementing these fees to compensate.

Yes Bank’s Monthly UPI Txns Surge To 50 Lakh Post Paytm Deal

Inc42 · 1y ago

Yes Bank’s Monthly UPI Txns Surge To 50 Lakh Post Paytm Deal

Yes Bank's monthly Unified Payments Interface (UPI) transactions have increased by more than half since forming a partnership with Paytm last month. Yes Bank's managing director and CEO, Prashant Kumar, revealed that the bank's monthly UPI transactions have risen from 3.3 million to 5 million since the collaboration. The deal was struck on 15 March, the same day the Reserve Bank of India imposed curbs on Paytm Payments Bank. Kumar also mentioned that Yes Bank is responsible for over half of the total merchant UPI transactions and may explore cross-selling products to them in the future.

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