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SMBC to Seek RBI Nod for Full-Owned Subsidiary Before Yes Bank Stake Deal

StartupTalky

StartupTalky · 2m ago

SMBC to Seek RBI Nod for Full-Owned Subsidiary Before Yes Bank Stake Deal

Sumitomo Mitsui Banking Corporation (SMBC) plans to seek approval from the Reserve Bank of India (RBI) to establish a fully-owned subsidiary in India. This move is part of their strategy to take over Yes Bank after acquiring a 20% stake from stakeholders, including State Bank of India. SMBC intends to transition from a branch model to a subsidiary model to facilitate this acquisition. They have reportedly received verbal assurance from the RBI regarding controlling interest permissions.

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Related News

Yes Bank pauses CEO search pending RBI nod to Sumitomo deal

Livemint

Livemint · 1m ago

Yes Bank pauses CEO search pending RBI nod to Sumitomo deal

Yes Bank has paused its search for a new CEO until the Reserve Bank of India (RBI) approves the stake sale to Japan’s SMBC Group, which plans to acquire a 20% stake for ₹13,482 crore. Some board directors believe it's prudent to wait for this approval, allowing SMBC to have input in the CEO selection process, given this significant cross-border investment, marking the largest in the Indian banking sector.

Yes Bank Crisis to Resolve? Here's Everything You Need to Know as Sumitomo Steps In

OutlookIndia

OutlookIndia · 3m ago

Yes Bank Crisis to Resolve? Here's Everything You Need to Know as Sumitomo Steps In

Yes Bank is undergoing a significant shareholding change as Japan's Sumitomo Mitsui Banking Corporation (SMBC) plans to acquire a majority stake. This shift follows past liquidity crises and regulatory interventions, including the Reserve Bank of India's (RBI) and State Bank of India's (SBI) involvement. The potential deal, which would include a 24% initial purchase, aims to restructure Yes Bank's ownership and improve governance, pending final regulatory approval from the RBI.

Boost for balance sheet: Japanese banking giant Sumitomo Mitsui lines up Rs 16,000 cr more for fitter Yes Bank

Economic Times

Economic Times · 13h ago

Boost for balance sheet: Japanese banking giant Sumitomo Mitsui lines up Rs 16,000 cr more for fitter Yes Bank

Japanese financial giant Sumitomo Mitsui Banking Corp (SMBC) plans to invest Rs 16,000 crore in Yes Bank, through equity and debt, to strengthen its balance sheet, likely gaining an ownership stake. Additionally, Rs 13,500 crore will be paid to current shareholders like SBI for 20% stake acquisition. SMBC aims to secure a 24.99% stake pending RBI approval. The infusion includes yen-denominated bonds and foreign currency convertible bonds to bolster Yes Bank’s financial stability.

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.

RBI Approves SMBC’s 24.99% Stake in Yes Bank

StartupTalky

StartupTalky · 4d ago

RBI Approves SMBC’s 24.99% Stake in Yes Bank

The Reserve Bank of India has approved Sumitomo Mitsui Banking Corporation's (SMBC) plan to acquire a 24.99% stake in Yes Bank, marking a significant cross-border investment in India’s banking sector. SMBC will invest INR 13,482 crore for a 20% stake and has applied for an additional 4.9%. SBI will sell 13.19% of its shares, with remaining shares sold by seven other banks. This approval is valid for one year, starting August 22, 2025.

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

Economic Times

Economic Times · 1m 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.

Grapevine: Sumitomo Mitsui, YES Bank, KKR and Avaada Group in news

VCCircle

VCCircle · 3m ago

Grapevine: Sumitomo Mitsui, YES Bank, KKR and Avaada Group in news

Japan's Sumitomo Mitsui Banking Corp. (SMBC) is reportedly near acquiring a significant stake in YES Bank. Meanwhile, private equity firm KKR is attempting to restart the sale of its portfolio company RE Sustainability. Avaada Group is also preparing for an initial public offering.

Grapevine: Mizuho withdraws from Yes Bank race; K Hospitality eyes IPO

VCCircle

VCCircle · 1y ago

Grapevine: Mizuho withdraws from Yes Bank race; K Hospitality eyes IPO

Japanese financial giant Mizuho has withdrawn from the race to acquire a stake in Yes Bank, leaving Sumitomo Mitsui Banking Corporation (SMBC) and Emirates NBD as the main contenders. Yes Bank is looking for a new owner after facing financial challenges in recent years. In other news, K Hospitality, an Indian hotel chain, is considering going public with an initial public offering (IPO) to raise funds for expansion and development.

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

Inc42 · 1y ago

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.

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.

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