Yes Bank shares jump over 8% as Japan’s SMBC inches closer to deal
Shares of private sector lender Yes Bank jumped as much as 8.5% to an intraday high of Rs 19.24 on Tuesday morning after ET reported that Japanese financial powerhouse Sumitomo Mitsui Banking Corp (SMBC) is in advanced talks to acquire a significant stake in the bank from SBI.
Senior leaders from the Japanese conglomerate met their counterparts at State Bank of India (SBI), along with other key shareholders, in Mumbai last week to finalise the terms, the report said.
SBI, which currently holds a 24% stake in the lender, has been looking for a new strategic investor. If the deal materialises, it is expected to trigger an open offer for an additional 26% stake in the bank, the sixth-largest private lender by assets. A successful deal and…
