Yes bank stock price: The Japanese company Sumitomo Mitsui Banking Corporation (SMBC) wants to buy 20 percent stake in the private sector’s Yes Bank in India. For this, SMBC has sought approval from the Competition Commission of India (CCI). The name of SMBC is one of the legendary foreign banks in India. It is a fully owned subsidiary of Sumitomo Mitsui Financial Group, Inc. SMFG is the second largest banking group in Japan. As of December 2024, its total assets were worth US $ 2 lakh crore.
In May this year, State Bank of India (SBI) and 7 other lenders announced the sale of 20 percent of their joint stake in Yes Bank to SMBC. The deal is going to be Rs 13,483 crore. On this value, it is the largest cross border investment in India’s banking sector. SMBC will become the largest shareholder in Yes Bank after the transaction is completed.
Who will sell how much share in 20 percent
Out of this 20 percent stake being sold, 13.19 percent stake will be reduced by SBI. In return, SMBC will give Rs 8,889 crore. Apart from this, 6.81 percent stake from Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank will be sold for about Rs 4,594 crore.
SBI and these 7 other banks invested in the bank in March 2020 as part of the reconstruction scheme for Yes Bank. SBI currently holds 24 percent stake in Yes Bank. After selling a steak to SMBC, it will have more than 10 percent stake in Yes Bank.
20 percent climbed in 3 months Yes bank share
On June 30, Yes Bank’s stock on BSE closed 0.79 percent to close at Rs 20.35. The bank’s market cap is close to Rs 64000 crore. The stock has climbed 20 percent in 3 months. At the same time, 14 percent has come down in a year. The bank has said in an exchange filing that Non Executive Director Shweta Jain has resigned. In his place, the board of the bank has appointed D Shivkumar as Additional Director (Non Executive). The approval of shareholders is yet to be taken on this appointment.
In the January-March 2025 quarter, the net profit of Yes Bank’s standalone basis increased by 63 percent to Rs 738 crore on a annual basis. It was Rs 451.9 crore a year ago. In FY 2025, the bank’s net profit doubled to Rs 2,406 crore, while in FY 2024 it was Rs 1,251 crore.
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