State Bank of India to sell $1 billion stake in Yes Bank to Japan’s SMBC

MUMBAI: State Bank of India will divest a 13.19% stake in private lender Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for 88.89 billion rupees ($1.04 billion), it said on Friday.

SMBC, owned by Sumitomo Mitsui Financial Group, has been in discussions with Yes Bank’s largest investor, State Bank of India, and India’s central bank since last year.