Japanese Firm to Acquire Yes Bank

Akihiro Fukutome, the global CEO of Sumitomo Mitsui Banking Corporation (SMBC), will visit India this week to discuss acquiring a stake in Yes Bank Ltd. This move is part of a global race to secure a significant holding in the private lender. According to three sources familiar with the matter, Fukutome will meet with officials from the Reserve Bank of India (RBI) and State Bank of India (SBI) to negotiate the deal. SMBC aims to value the 51% stake in Yes Bank at around $5 billion.

“SMBC has already started due diligence, seeking details from Yes Bank. The global CEO will meet with senior RBI and SBI officials early this week to discuss the stake sale plan,” said one of the sources.

SBI, which currently owns 23.99% of Yes Bank, is looking to reduce its stake in the private lender. Initially, SBI acquired a 49% stake as part of a 2020 government-engineered rescue of Yes Bank.