Competition Commission of india (CCI) on Tuesday approved a proposal to secure a stake in Japan’s Sumitomo Mitsui Banking Corporation (SMBC) in Yes Bank of Private Sector. SMBC, Sumitomo is a complete owned subsidiary of Mitsui Financial Group (SMFG). The Competition Commission of India said in a statement, “The proposed merger is related to the acquisition of Yes Bank’s share capital and voting rights by Sumitomo Mitsui Banking Corporation (SMBC).”
SMFG is the second largest banking group in Japan
SMFG is the second largest banking group in Japan. Its total assets were $ 2000 billion by December 2024. The Competition Commission (CCI) wrote on the social media platform X, “CCI has approved the acquisition of some share capital and voting rights of Yes Bank by Sumitomo Mitsui Banking Corporation.” Yes Bank announced last month that RBI has approved SMBC to get a share in the bank. The RBI clarified that SMBC will not be considered a promoter of the bank after the said acquisition.
Yes Bank has a share of many big banks
Yes Bank had earlier informed about the proposal to get a 20 percent stake in Yes Bank by SMBC on May 9, 2025 with SMBC’s 13.19 percent stake from State Bank of India and 6.81 percent stake from 7 other shareholders. Other major shareholders of Yes Bank include Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank.
Private bank shares were closed in green mark on Tuesday
On Tuesday, Yes Bank shares closed at Rs 19.56 with an increase of Rs 0.01 (0.05%) on BSE. Yes Bank shares are still trading below their 52 weeks high. The 52 weeks of Yes Bank shares on BSE is Rs 24.40 and 52 week is Rs 16.02. According to BSE data, the current market cap of this private bank is Rs 61,358.80 crore. Let us tell you that the Indian stock markets closed down on Tuesday.
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