SUMITOMO MITSUI BANKING CORP (SMBC) IS IN ADVANCED STAGES TO ACQUIRE SIGNIFICANT STAKE IN YES BANK.
News: As per media sources, Sumitomo Mitsui Banking Corp (SMBC) is in advanced stages to acquire significant stake in Yes Bank. Such transaction could also trigger an open offer. Current key shareholders, including SBI and other banks holding 33%, are expected to sell. SMBC aims to strengthen Yes Bank’s governance and strategic direction, with JPMorgan and J Sagar Associates advising on the deal.
View: While the modalities of the deal remains watchful, strong backing is expected to aid valuation in near term.
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