SMFG Set to Own 24.2% Stake in Yes Bank After CA Basque Deal

Sumitomo Mitsui Financial Group says it agreed to acquire 4.2% stake in Yes Bank from Carlyle-affiliate CA Basque Investments, bringing its stake in the Indian bank to 24.2%.

• Says it completed its planned purchase of 20% stake in Yes Bank
• The move will make Yes Bank an equity-method affiliate
• SMFG will acquire CA Basque’s stake for ~28.5b rupees
• Also says its banking unit sold its stake in Kotak Mahindra Bank on Sept. 10 for 106b yen and will book a gain of 94b yen as a result

To contact the reporter on this story:
Go Onomitsu in Tokyo at ...