Sumitomo Mitsui Banking, a core unit of Sumitomo Mitsui Financial Group (TYO:8316), has agreed to acquire a 20% stake in India's YES BANK for 134.8 billion Indian rupees (approx. 240 billion yen), the Japanese lender said in a stock exchange filing Friday.
The acquisition was made in partnership with State Bank of India and other Indian financial institutions, the filing said.
The deal, subject to regulatory approvals, would make YES BANK an equity-method affiliate of the SMBC Group, it added.
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