Sumitomo Mitsui Financial Reportedly in Talks to Buy Stake in India's Yes Bank

MT Newswires Live

05/07

Sumitomo Mitsui Financial Group (SMFG) is looking to acquire a stake in India-based Yes Bank, multiple news outlets reported Tuesday.

The Japanese lender is in talks to acquire a "significant minority stake" in the Indian bank, Bloomberg reported, citing sources close to the matter. The offer amount will be determined by market prices, Bloomberg quoted the sources as saying.

Sources cited by Reuters said Sumitomo is looking to acquire a "majority 51% equity" in Yes Bank.

Sumitomo and Yes Bank didn't immediately respond to a request for comment from MT Newswires.

Price: 13.97, Change: -0.05, Percent Change: -0.39

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