The banking arm of Sumitomo Mitsui Financial Group has agreed to buy an additional 4.2% stake in Yes Bank from an affiliate of Carlyle Group for 51 billion yen ($349 million), it said on Wednesday.
Sumitomo Mitsui Banking Corporation, Japan's second-largest lender by assets, also said it had now completed its acquisition of an initial 20% stake in the Mumbai-based bank, in a deal first announced in May.
SMBC had received approval from Reserve Bank of India to buy up to 24.99% of Yes Bank in August, and Competition Commission of India approved the purchase earlier this month.
State Bank of India, in a separate disclosure, said it has received Rs 8,889 crore from the completion of the sale of its 13.19% stake in Yes Bank to SMBC.
SMBC also sold its entire 1.65% stake in Kotak Mahindra Bank as of September 10 in order to "rebalance its strategic investment portfolio," it said.
SMBC had acquired part of its initial 20% stake in Yes Bank from Kotak Mahindra Bank.
($1 = 146.2800 yen)
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
