Sumitomo Mitsui Financial to Acquire Stake in Indian Bank

Tokyo, May 10 (Jiji Press)--Sumitomo Mitsui Banking Corp. will spend 134.8 billion Indian rupees to acquire a 20 pct stake in Yes Bank, an Indian commercial bank, Sumitomo Mitsui Financial Group Inc., the parent of the Japanese bank, said Friday.

The Japanese bank will send two executives to sit on Yes Bank's board of directors.

Yes Bank, founded in 2003 and based in Mumbai, is the six-largest commercial bank in India in terms of assets. It has more than 1,200 branches across the country.

The investment in Yes Bank comes as the Japanese banking group puts priority on India, Vietnam, the Philippines and Indonesia.

In India, the group took full control of a consumer finance company in 2024. The latest investment will allow it to provide a broad range of financial services to both retail and corporate customers in the country.

[Copyright The Jiji Press, Ltd.]