Sumitomo Mitsui Banking Corporation to acquire a 20% stake in Yes Bank for $1.58bn.

Sumitomo Mitsui Banking Corporation, a major Japanese multinational banking and financial services institution, agreed to acquire a 20% stake in Yes Bank, a private commercial bank in India, for $1.58bn. With this investment, SMBC will gain an access to one of the largest private sector commercial banks in India which will allow us to further accelerate SMBC Group’s business in India, and contribute to the further development of the Indian financial industry as well as supporting the flow of trade and capital from Japan to India.