 "Yes Bank")
Yes Bank on Saturday announced that the Reserve Bank of India (RBI) has approved Japanese lender Sumitomo Mitsui Banking Corporation’s (SMBC) proposal to acquire up to 24.99 per cent stake in the private sector bank.
Referring to its earlier stock exchange disclosure on May 9, Yes Bank said SMBC had proposed to buy a 20 per cent stake in the bank. This included a 13.19 per cent secondary stake purchase from the State Bank of India and 6.81 per cent combined stake from seven other shareholders — Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.
RBI approval valid for one year
In an exchange filing, Yes Bank said, “SMBC has received the approval of the Reserve Bank of India (‘RBI’) to acquire up to 24.99 per cent of the paid-up share capital/voting rights of the bank vide letter dated August 22, 2025. This approval is valid for one year from the date of this letter. RBI has further clarified that pursuant to the said acquisition, SMBC would not be treated as a promoter of the bank.”
Compliance and conditions
The RBI’s approval comes with conditions, including compliance with the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended), the Foreign Exchange Management Act, 1999, and other applicable laws. Conditions also include lock-in periods, requirements for subsequent transactions, and RBI’s discretion on approvals.
The completion of this proposed transaction also requires the approval of the Competition Commission of India (CCI) and meeting customary conditions precedent as outlined in Yes Bank’s May 9 stock exchange disclosure. (Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)
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