Japan's Sumitomo Mitsui Banking Corporation has received Indian central bank approval to buy up to 24.99% of India's Yes Bank, the Indian bank said in a stock exchange filing on Saturday.
The Reserve Bank of India has also decided that SMBC would not be treated as a "promoter" of Yes Bank following the deal, which would have involved additional regulatory requirements, Yes Bank said.
In May, the banks informed exchanges that SBMC had inked a deal to take a 20% stake in Yes Bank for $1.6 billion, making it the largest cross-border merger and acquisition deal in India's financial sector.
Sources familiar with the matter told Reuters last month that SMBC was seeking approval to buy an additional 4.9% stake in Yes Bank.
The Reserve Bank of India has also decided that SMBC would not be treated as a "promoter" of Yes Bank following the deal, which would have involved additional regulatory requirements, Yes Bank said.
In May, the banks informed exchanges that SBMC had inked a deal to take a 20% stake in Yes Bank for $1.6 billion, making it the largest cross-border merger and acquisition deal in India's financial sector.
Sources familiar with the matter told Reuters last month that SMBC was seeking approval to buy an additional 4.9% stake in Yes Bank.
You may also like
'India chose not to ...': PM Modi on how past governments 'missed the bus'; stresses economic growth, recovery after Covid
'Indians signing petition': Major backlash for plea urging fair punishment for truck driver Harjinder Singh as it gets over 1.3 million signatures
Emily Maitlis reveals Prince Andrew phrase that hit 'weird note' in infamous interview
Mumbai Crime: 21-Year-Old Dharavi Man Arrested For Molesting Woman At Kurla Railway Station Staircase
Bridgerton creator gives major update about future of the hit Netflix show
