YES Bank's board of directors, in a meeting held on September 18, 2025, approved the acquisition of a 20% stake by Sumitomo Mitsui Banking Corporation (SMBC). The board also noted the resignation of Mr. Sandeep Tewari as a Non-Executive Director, effective September 17, 2025.
The acquisition involves SMBC purchasing a 13.19% stake (4,134,404,897 equity shares) from the State Bank of India (SBI) and a 6.81% stake (2,136,830,297 equity shares) from other shareholders, including Axis Bank Limited, Bandhan Bank Limited, Federal Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IDFC First Bank Limited, and Kotak Mahindra Bank Limited. This transaction has received approvals from the Reserve Bank of India and the Competition Commission of India.
In addition to the stake acquisition, the board approved the appointment of Mr. Shinichiro Nishino and Mr. Rajeev Veeravalli Kannan as Additional Directors, Non-Executive and Non-Independent Directors (Nominees of SMBC), effective September 18, 2025. This appointment is subject to shareholder approval.
| Particulars | Mr. Shinichiro Nishino | Mr. Rajeev Veeravalli Kannan | Mr. Sandeep Tewari |
|---|---|---|---|
| Reason for change | Appointed as an Additional Director, Non-Executive and Non-Independent Director (Nominee of SMBC) | Appointed as an Additional Director, Non-Executive and Non-Independent Director (Nominee of SMBC) | Resigned as a nominee director of SBI to pursue other professional endeavours |
| Date of appointment/cessation | September 18, 2025 | September 18, 2025 | September 17, 2025 |
| Brief profile | Refer to Appendix I of Annexure A | Refer to Appendix II of Annexure A | Not applicable |
| Disclosure of relationships between directors | None | None | Not applicable |
The board confirmed that Mr. Shinichiro Nishino and Mr. Rajeev Veeravalli Kannan are not debarred from holding the office of Director by virtue of any order of SEBI or any other such authority.
The board also approved the postal ballot notice for seeking shareholder approval for the appointment of Mr. Shinichiro Nishino and Mr. Rajeev Veeravalli Kannan as Additional Directors.
The meeting of the Board commenced at 10:00 A.M. and concluded at 11:40 A.M.
The weblink of BSE Limited and National Stock Exchange of India Limited providing the above information is being hosted on the Bank's website www.yesbank.in pursuant to the SEBI Listing Regulations, as amended.
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